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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.