Ripple (XRP) price analysis: XRP rangebound above $0.40
- XRP/USD has stayed unchanged in the recent 24 hours.
- The critical resistance is seen at $0.4300.
Ripple’s XRP has been rangebound above $0.40 handle. The third largest coin with the current market capitalization of $17 billion has hardly changed since this time on Wednesday amid subdued trading activity after a sharp sell-off at the beginning of the week. XRP’s average daily trading volume is registered at $1.7 billion; the coin is most actively traded against USDT.
Looking technically, XRP/USD is capped by $0.4060. This is a short-term barrier that has been limiting the coins recovery on Thursday. Once it is cleared, the upside is likely to gain traction. The major hurdle awaits XRP’s bulls on approach to $0.42. This resistance is created by a confluence of Tuesday’s recovery high and SMA50 (Simple Moving Average) on the 1-hour timeframe. A sustainable move above this handle will improve the technical picture and open up the way towards $0.4300 with 23.6% Fibo retracement and SMA200 1-hour located on approach.
On the downside, the initial support is created by psychological $0.40. It is followed by the recent low of $0.3839. Once it is out of the way, the sell-off may continue towards $0.3756m, which is the lowest level since May 26. This support area is strengthened by a confluence of 50% Fibo retracement and SMA200 4-hour.
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
