- XRP/USD has lost over 3% in the recent 24 hours.
- The critical support at $0.3770 is likely to stop the sell-off.
Ripple’s XRP touched $0.3839 low late on Tuesday amid global cryptocurrency sell-off. While the coin managed to recover above $0.40, it is still vulnerable to losses due to overall bearish sentiments that gripped the market.
XRP, the 5d largest digital asset with the current market capitalization of $16.7 billion, has lost over 3% of its value in recent 24 hours to trade at $0.4010 by the time of writing. XRP has an average daily trading volume of $2.1 billion. Litecoin is most actively traded against USDT.
Looking technically, XRP/USD needs to get above $0.41700-$0.4200 area to improve the short-term picture. This resistance zone is created by Tuesday’s recovery high and SMA50 (Simple Moving Average) on the 1-hour timeframe. Once it is cleared, the upside is likely to gain traction with the next focus on $0.4270 strengthened by 23.6% Fibo retracement and SMA100 1-hour. It is closely followed by psychological $0.43 and SMA50 on 4-hour timeframe.
On the downside, a move below $0.40 will trigger a new sell-off wave towards the recent low of $0.3839. Meanwhile, stronger support awaits XRP’s bears on approach to $0.3770 protected b a confluence of 50% Fobo retracement and SMA200 4-hour.
XRP/USD, 4-hour chart
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