Ripple (XRP) recovers from intraday lows, upside potential is limited
- 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
Author
Tanya Abrosimova
Independent Analyst
