• 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

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD must overcome resistance at $8,485 to re-enter $8,500 zone

BTC/USD daily chart has gone up from 8.282.30 to $8,535 as markets opened this Tuesday. The price is currently consolidating in a flag formation, currently prepping itself for a potential breakout. The daily price chart is currently ...

More Bitcoin News

Ripple price analysis: XRP/USD treading in the confines of a rising channel

Ripple bulls have remained defiantly bullish since Monday. Despite the spectacular correction testing and failing to break above $0.30 hurdle, the price has been astonishingly bullish to stay above $0.29. 

More Ripple News

Ethereum market update: ETH/USD attempts Bollinger Band upper breakout

Ethereum price has been remarkably slow in its movement since Monday. The lethargic movement follows a lower correction from highs around $198.32. The failure to break above must have discouraged the bulls while giving Ethereum bears a gap to explore.

More Ethereum News

Tim Draper: Bitcoin will change how Governments operate

Tim Draper, a popular venture capital investor, stated that he expects Bitcoin (BTC), among other technologies, to change how governments function worldwide. In a recent medium post, Draper calls Bitcoin “the startup currency” ...

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast

BTC

ETH

XRP