- XRP/USD is down 2% in recent 24 hours.
- The long-term picture implies that more consolidation is in store.
XRP/USD is hovering at $0.4600 handle, losing over 2% of its value in recent 24 hours. The third largest coin with a market value of $18.2B is one of the worst-performing cryptocurrency out of top-10. Ripple’s coin is influenced by speculative factors and mostly unresponsive to fundamental news, which abounds and primarily positive for XRP.
XRP’s technical picture
From the longer-term point of view, XRP/USD movements are limited by $0.4000 (DMA100) on the downside and $0.5180 (DMA200). A sustainable break above or below the said levels will create strong momentum and define the longer-term direction for the coin. A bullish breakthrough will attract buying interest with the first target at $0.6000 and $0.6227 (September 30 high). If the support gives in, the sell-off may continue towards $0.3760 (October 11 low) and $0.3100 congestion zone.
Considering flat Relative Strength Index (RSI) and low momentum this is not going to happen any time soon unless another shocking news hits the market.
The short-term picture is also uninspiring. The near-term support is created by the upside trend-line currently at $0.4515. Once below, the downside may be extended towards $0.4417 (October 23 low). The recovery is limited by SMA200 (1-hour) at $0.4636.
XRP/USD, daily chart
XRP/USD, 1-hour chart
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