Home Ripple overview: XRP gains over 3% on Monday, further recovery ahead
Crypto News

Ripple overview: XRP gains over 3% on Monday, further recovery ahead

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  

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.