- Ripple’s coin has recovered from the intraday low.
- The downside pressure on the coin remains strong.
Ripple’s XRP dived below $0.4100 and touched $0.4078 on Thursday trading amid global downside correction on the cryptocurrency market. While the coin has recovered towards $0.4200 by the time of writing, it is still nearly 10% lower from this time on Wednesday.
The XRP’s sell-off has been exacerbated by the news that hackers stole 9.3 million XRP coins from Singaporean cryptocurrency exchange Bitrue.
Looking technically, the initial resistance is created by $0.4480 (SMA15 – Simple Moving Average – on 15-min interval). Once it is cleared, the upside is likely to gain traction with the next focus on $0.4550 (SMA200, 1-hour). On the downside, the local support is created by $0.4100. A sustainable move below this handle will open up the way towards the intraday low of $0.4078 and psychological $0.40.
XRP/USD, 1-hour chart