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

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.