Ripple (XRP) crashes below $0.3700, losing 10% in a matter of minutes before the recovery starts

  • XRP/USD attemtts a recovery after a flash cras to $0.3658.
  • The upside may be limited by $0.40.

Ripple's XRP crashed below $0,4000 and touched $0.3658 amid big sell-off that swept across the cryptocurrency market during Asian hours on Friday. At the time of writing, XRP/USD is changing hands at $3,846, down $16.5% on a day-on-day basis. 

While the coin managed to claw back some ground, the technical picture remains very unstable. The local resistance is created by $0.3928 (SMA100, 1-hour); however, the coin needs to reclaim $0,4000 quickly for the recovery to gain traction with the next focus on $0.4138. This local resistance is created by 15-min SMA50.

On the downside, a sustainable move below $0.38 will add dark colors to the charts and bring $0.35 back in focus. SMA200 (1-hour) and SMA50 (4-hour) located on the approach to this barrier may slow down the sell-off. Once it is out of the way, the downside is likely to gain traction with the next focus on $0.33 and $0.3280 (SMA100, 4-hour).

XRP/USD, 1-hour chart

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