Ripple price analysis: XRP/USD hovers at $0.4100, further upside limited so far
Crypto News

Ripple price analysis: XRP/USD hovers at $0.4100, further upside limited so far

  • XRP/USD settles above $0.41 amid strong growth across the market.
  • The next bullish aim is seen on approach to $0.4300.

XRP/USD retreated from the intraday high of $0.4200 to trade marginally above $0.4100. The third largest coin with the current market capitalization of $17 billion has gained over 7% in recent 24 hours; however, week-on-week gains have not exceeded 3%.  

Ripple’s XRP has been lagging recently despite a series of positive fundamental announcements. Thus, Thailand’s commercial bank announced that it considered using Ripple’s technology to perform cross-border payments, but the market reaction has been muted so far.

Read more about the announcement here.

Ripple’s technical picture

The strong support for the coin is created by psychological $0.40, which coincides with 38.2% Fibo retracement level. Once it is broken, the sell-off may continue towards $0.3918 (SMA50, 4-hour) and $0.3800 (SMA100 4-hour), closely followed by $0.3780 (50% Fibo retracement). Meanwhile, a significant barrier is seen on approach to $0.3600 as this area stopped the decline twice since the middle of May.

On the upside, a sustainable move above $0.4200 will open up the way to May 19 high $0.4290. This barrier is strengthened by 23.6% Fibo retracement located on approach and followed by psychological $0.4300. This area may slow down the recovery and trigger a short-term technical correction before another bullish wave.

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.