Ripple price analysis: XRP/USD jumps above $0.40; further recovery is limited

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  • Ripple’s XRP broke free from a narrow range, but the upside is limited.
  • XRP/USD needs to move above $0.42 to proceed with the recovery.

Ripple’s XRP, the third largest coin by market value, is changing hands at $0.4040. It has gained 2.4% on a daily basis and stayed unchanged since the beginning of the Asian trading on Thursday.  The coin managed to climb above the critical $0.40 handle; however, the further upside may be limited at this stage. Ripple’s market value has settled at $17.1 billion, while the trading volumes settled at $1.2 billion.

XRP’s technical picture

A sustainable move above $0.40 improved the short-term technical picture for the coin. However, the next barrier comes at $0.41, created by the Asian high. A sustainable move above this  handle will open up the way towards the next bullish aim of $0.4185 (SMA100 – Simple Moving Average – on 4-hour chart and 23.6% Fibo retracement located on approach.) followed by psychological $0.42

On the downside, the local support is created by $0.40, which coincides with SMA200 4-hour and 38.2% fibo retracement. Once it is cleared, the sell-off is likely to gain traction with the next focus on 
$0.3778 (61.8% Fibo retracement), followed by $0.3700 (Sunday’s low).

XRP/USD, 4-hour chart

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