Search ForexCrunch
  • XRP/USD is trading under DMA50, which implies more selling pressure.
  • XPR has recovered from oversold territory.

XRP/USD broke free from the range and touched $0.4320 low on Monday. the third largest coin by market value regained some ground to trade at $0.4452, though the bearish sentiments are still strong. Ripple’s coin is down over 3% in recent 24 hours with a current market value of $17.8B.

Earlier we reported that Google’s lead technologist joint Ripple’s team as a vice president of products.

XRP’s technical picture

XRP/USD stays below DMA50 (currently at $0.4510). which is a bad signal for buyers. The coin needs to recover above $0.4500-$0.4510 area to mitigate the bearish pressure and get a chance for an extended recovery towards the next target at $0.477 (this is a congestion zone that stopped the upside since October 19).  

Long-term Relative Strength Index (RSI) remains flat, while volatility is low again, which means that the drop down was a one-off event. This is confirmed by RSI on intraday charts, where the indicator recovered from an oversold territory and settled at a neutral position.

On the downside, a sustainable move under $0.4400 will attract more sellers to the market. Speculators will rush to adjust their positioning, which will lead to an extended decline towards Monday’s low at $0.4320 and possibly to $0.4200.  

XRP/USD, a daily chart