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  • Ripple’s XRP had a dismal first quarter.
  • XRP/USD is locked in a tight range under $0.1900.

Ripple’s 1st quarter results disappoint

Ripple’s XRP was the worst-performing token out of top-10 in the first quarter. The coin has lost nearly 20% in recent three months and over 50% from the peak reached in February 2020. According to the experts from the research company Messari, sporadic spikes of XRP trading activity in 2019 were caused by speculations. hey pointed put that there was no evidence of improved fundamentals of the cryptocurrency.

Messari believes that the project lacks the momentum for a massive expansion.

Currently, XRP occupies the third position in the global cryptocurrency rating compiled bi CoinMarketCap. However, by average daily trading volume, XRP was overtaken by LINK on April 13. LINK is the 11th largest digital asset of the decentralized oracle project Chainlink. 

XRP/USD: Technical picture

At the time of writing, XRP/USD is changing hands at $0.1880, mostly unchanged since the beginning of the day and on a day-to-day basis. The coin has been moving in a tight range since the weekend, after a sell-off below $0.1900.

On a daily chart, the coin is attempting to settle above daily SMA50 (currently at $0.1884). The next critical resistance is created by $0.1900. Once it is out of the way, the upside is likely to gain traction with the next focus on the broken upside trend line at $0.1970. This barrier separates XRP bulls from a psychological $0.2000. A sustainable move above this level is needed to get the recovery back on track.

On the downside, the initial support level is created by the intraday low and the lower line of the daily Bollinger Band at $0.1840. It is followed by April 13 low $0.1800 and $0.1700 (23.6% Fibo retracement for the recent downside move from February 2020 high).

XRP/USD daily chart