Tanya Abrosimova
Independent Analyst
- XRP/USD recovers from recent lows to trade above $0.33.
- The market is irresponsive to fundamental developments.
Ripple’s XRP dropped to $0.3282 during early Asian hours amid major technical sell-off. However, the coin managed to recover towards $0.3320 by the time of writing. The third largest digital asset is still down 1.5% form this time on Thursday and marginally higher on a weekly basis.
What’s going on?
The Singapore-based cryptocurrency exchange Houbi opened its branch in the United States. Now the customers may trader three XRP-based trading pairs USD/XRP, BTC/XRP and USDT/XRP. While the news is positive to Ripple’s coin, the market reaction seems to be muted so far.
Ripple’s technical picture
On the intraday charts, the initial support is created by $0.3280-$0.3270 area (SMA50 and SMA100 4-hour chart). If the price moves lower, the sell-off may be extended towards the next barrier created by 61.8% Fibo retracement at $0.3220. Meanwhile, $0.3200 is likely to stop the downside correction.
On the upside, the initial resistance is created by 50.0% Fibo retracement at $0.3350. It is followed by a stronger barrier at psychological $0.3400 closely followed by SMA100 (4-hour) and 38.2% Fibo retracement on approach $0.3450.
XRP/USD, 4H chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.