- Ripple’s coin is vulnerable to the downside correction.
- Critical support is created by SMA50 weekly.
Ripple's XRP hit $0.4715 before retracing to $0.4477. The third largest cryptocurrency has started the technical correction after a substantial and mostly uninterrupted growth during a previous couple of days. XRP's value has added over 50% in recent seven days, which is one of the best weekly results among top-20 coins.
Looking technically, the intraday picture implies that more sell-off may be in store. The Relative Strength Index (RSI) points downwards, which means that the correction from an overbought territory is not over yet. The nearest bearish target comes with SMA50 (1-hour) at $0.4178. Once it is out of the way, the downside is likely to gain traction with the next focus on psychological $0.40. The even stronger barrier comes at $0.3866 (SMA50 weekly) and $0.3427, which is DMA200.
On the upside, a sustainable move above psychological $0.4600 is needed to bring the previous day high of $0.4672 back into focus. The next upside barrier lies with an intraday high of $0.4715, which is followed by $0.4800. The critical resistance is created by SMA100 weekly at $0.4945. It separates us from the ultimate $0.50.
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.