Ripple (XRP) shoots above $0.3300 before coming down to the earth
- XRP/USD touched $0.3329, but failed to hold ground.
- XRP has returned to the previous range.
Ripple’s XRP shot to $0.3329 during Asian hours, however the upside proved to be unsustainable as the coin retraced to $0.3266 by the time of writing. Despite the downside correction, the coin is still nearly 1.5% higher since the beginning for the day. XRP takes the third place int he global cryptocurrency market rating with the current market value of $13.6 billion.
It is worth noting that the strong price growth was accompanied by an increase of trading volumes towards $4.3 billion, while an average daily trading volume for the coin does not exceed $1.1 billion. The highest volume was registered at Bitfinex, which is not surprising as this exchange process the biggest share of XRP transactions.
Ripple’s technical picture
On the intraday charts, the initial support for XRP/USD comes at $0.3350. It is created by SMA100 (30-min) and SMA50 (1-hour). Once it is cleared, the downside may be extended towards 61.8% Fibo retracement at $0.3220. This area is likely to slow down the sell-off. However, a sustainable move lower will expose psychological $0.3200 and the Sunday’s low $0.3175.
On the upside, the initial resistance is created by a confluence of SMA100 (1-hour) and SMA50 (4-hour) at $0.3280. It is followed by a psychological $0.3300 and the recent high of $0.3329.
XRP/USD, 1H chart
Author
Tanya Abrosimova
Independent Analyst
