Ripple price analysis: XRP/USD settled above $0.4100, where are the buyers?

XRP/USD is down 10% on a daily basis, off the recent lows.
Ripple needs to regain $0.5000 to mitigate bearish pressure.

XRP/USD is changing hands at $0.4554, off the Wednesday's low $0.4115. The coin with a market value of $18.3 has lost over 10% in recent 24 hours amid global cryptocurrency sell-off triggered by a combination of technical and speculative factors.

As there are no obvious reasons for XRP's collapse, the coin is likely to follow the general trend, which is still negative now. While the market has calmed down after the panic selling, there are still no signals that the recovery is underway.

Ripple's technical picture

XRP/USD managed to stay above $0.4100, which is a positive technical factor from the short-term perspective. The upside is now capped by SMA200 (4-hour) at ).4715. Once it is cleared, the recovery may be extended towards psychological $0.5000 and $0.5078 (SMA50, 4-hour). Considering that the Relative Strength Indes (RSI) is about to reverse from the oversold territory, XRP has a chance to reach the above-said levels, provided that the rest of the market is on recovery mode too.

On the downside, the first support is created by $0.4100, followed by psychological $0.4000.

XRP/USD, 4-hour chart

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.