Search ForexCrunch

XRP is one of the best performers on Monday.
The recovery is limited  by 0.3230 area.

Ripple’s XRP is one of the best-performing cryptocurrencies since the beginning of Monday. The third largest coin with the current market value of $13.4 managed to gain over 3% in recent hours to trade at $0.3230 by the time of writing. It is worth noting that it is also marginally in green on a day-on-day basis even as the Bitcoin stays in red.

Looking technically, XRP/USD is still 5.6% lower from the recent peak reached at $0.3390 on May 11. The coin has been sliding down amid technical correction; however, if the price manages to stay above $0.3160, the longer term technical picture will improve. The strong resistance area is located above the current price, it consists 61.8% Fibo retracement level and an intraday high of $0.3236. A sustainable move higher is needed to retest psychological $0.33 and the recent high of $0.3390.

On the downside, once XRP/USD drops below the above-said $0.3160 barrier, the sell-off is likely to gain traction with the next focus on $0.3050 (a confluence of SMA50 and SMA100, 4-hour). This development will bring us to the previous range and signal that more rangebound trading is in store for the time being.

XRP/USD, 4-hour chart