Ripple (XRP) price analysis: XRP/USD bulls spooked by the collapse below $0.40
- XRP/USD has been under selling pressure lately, down 15% in seven days.
- A recovery above $0.40 is needed to mitigate the bearish pressure.
Ripple’s XRP has been a big loser lately. The third largest cryptocurrency with the current market capitalization of $16.4 billion has shed over 5$ of its value in recent 24 hours and over 15% in seven days. The coin touched $0.3700 low on Sunday, though managed to recover towards $0.3878 by the time of writing. The coin has been moving in sync with the market as there have been little developments relevant to XRP’s price movements.
Ripple’s technical picture
On the intraday level, XRP’s recovery from the recent lows is capped by $0.3900 handle with SMA200 (Simple Moving Average) located marginally above this handle. Once this area is cleared, the recovery is likely to gain traction with the next focus on $0.40 strengthened by 38/2% Fibo retracement. The next barrier is created by SMA50 (4-hour) at $0.4140.
On the downside, a sustainable move below $0.3700 handle will spoil the short-term technical picture and send the price towards the next bearish aim of $0.3640 (SMA50, daily chart) and $0.3558 (61.8% Fibo retracement for the significant upside movement from April 24 low).
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
