- XRP retreats from recent high amid global crypto correction.
- About 13% of XRP coins moved to another wallet in a few transactions.
XRP is changing hands at $0.3370 at the time of writing. The third largest digital coin retraced from Tuesday’s high at $0.3579 amid overall correction across all major cryptocurrencies. XRP/USD has lost 1.34% on a daily basis and 1.72% since the beginning of Thursday. Its market value is registered at $13.5B, while an average daily trading volume is $266M.
Meanwhile, the community spotted a large XRP movement between the wallets. About $2.3M worth of XRP, which is 13% of all coins in circulation, was moved in a few transactions within 10 minutes. There are speculations that the transactions are related to a large exchange transferring the XRP.
Ripple’s technical picture
XRP bulls don’t lose hope as long as the price stays well above $0.33 handle. However, a sustainable movement below SMA50 (1-hour chart) currently at $0.3461 suggests that the momentum is losing traction. The local support is created by SMA100 (1-hour chart) at $0.3364, followed by SMA200 (1-hour chart) at $0.3313. If this area gives way, the short-term trend may be reversed.
On the upside, the local resistance is set at $0.34, followed by the above mentioned SMA50 (1-hour). Meanwhile, the critical barrier is seen at $0.35 handle. Once it is cleared, the price may move towards Tuesday’s high at $0.3579 and then to $0.36.
XRP/USD, 1-hour chart
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