- XRP/USD gets back above 0.3400.
- Further upside is likely to be limited.
Ripple’s XRP has recovered to $0.3440, off the intraday low reached at $0.3367. The third largest coin with the current market value of $14.4B has lost about 2% since this time on Wednesday, though the coin is in a green zone if compared to the level registered at the beginning of the Asian trading.
Looking technically, XRP/USD has entered a consolidation phase supported by DMA50 at $0.3130 and limited by $0.3500 (SMA50 1-hour). The Relative Strength Index on intraday charts points upwards, which means that the coin has au upside potential. If the price breaks above $0.3500 barrier, the bullish move will take us towards $0.3580-$0.3600 congestion zone, followed by DMA200 and $0.3786 and psychological $0.3800.
On the downside the sell-off may be extended towards the above-said DMA50, if the price breaks below $0.3300 (SMA100 1-hour on approach) and $0.3200 (SMA200 1-hour).
XRP/USD, 1-hour chart
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