- XRP price came close to psychologically important $0.30
- Sentiment indicator implies that the recovery is nowhere to be seen yet.
XRP/USD broke below DMA50 and touched $0.3010 low on Monday. The price managed to recover slightly since that time to trade at $0.3055 by press time. XRP has lost over 2% of its value since this time on Monday and over 6% in recent seven days. Apparently, the Coinbase listing effect is fading away quickly, which means the coin may be vulnerable to new losses should the bearish sentiments on the market prevail.
Looking technically, a sustainable move below $0.3150 and $0.3138 (DMA50) exposed psychological $0.30. This support level is critical for the coin in the short-run. Once it is broken, the sell-off may gain traction with the next aim at $0.2870 (the lower border of the triangle pattern).
Meanwhile, the experts from TheTIE.io, cryptocurrency analytical services providers, noticed a sharp change of sentiments that coincided with XRP’s price turnaround.
“The resurgence of Daily Sentiment, starting on Feb 27th, led the moderate recovery, but with less Tweet Volume accompanying it than the previous day. Ultimately, it faded ahead of the recent slide. At this point, both Daily Sentiment and Tweet Volume have returned to neutral and average levels, respectively,” Joshua Frank, co-founder of TheTIE.io, commented.
The expert believes that another sustainable recovery may be expected when the Daily Sentiment index returns to the area above 50.
XRP/USD, 1D chart
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