- The XRP / USD recovery is losing momentum.
- The nearest resistance is created from $ 0.40.
XRP / USD is changing hands at $ 0.3800 after a failed attempt to break above $ 0.4000 during the early Asian hours, The currency has lost nearly 3% of its value from the start of the day, although it is still 2% higher from the levels recorded this Wednesday hour. XRP is the second largest currency with a total market value of over $ 15.3 billion and an average daily trading volume of $ 712 million.
The technical framework of Ripple
From an intraday point of view, XRP / USD is limited by SMA50 (4 hours) to $ 0.3950. This resistance is followed by psychological $ 0.40 and $ 0.4417 (SMA100, 4 hours). Once this area is cleared, a strong resistance created by DMA50 will appear at $ 0.4600.
However, considering that the Relative Strength Index (RSI) is reversing in the South, it is unlikely that we will see sustainable growth in the near future.
On the downside, support lies in a confluence of technical levels grouped under $ 0.3800. They include SMA10 (4 hours) and a low previous month. Once this barrier was eliminated, the sell-off could be extended to $ 0.3700 and $ 0.33, followed by the recent $ 0.3237 minimum.
XRP / USD, 4-hour chart