Price analysis of undulations: XRP / USD down 3% as buyers are now rare species

  • The XRP has been taken over from the early Asian highs, with a limit of $ 0.2750.
  • The market is driven by the FUD and panic.

The XRP is changing hands at $ 0.2710 at the time of writing. The third largest digital currency has lost more than 3% on a daily basis, although it is mostly unchanged from the start of Tuesday. The XRP has a market value of $ 10.7 billion and an average daily trading volume of $ 201 million.

Ripple's cryptocurrency has moved hand in hand with other digital currencies, not responding to positive news and fundamental developments. The market is gripped by FUD (which stands for Fear, Uncertainty, Doubt) and tends to react excessively to negative information, even if it has proven to be false. This is what happened with the announcement that Goldman has postponed his plans to create a cryptocurrency trading desk.

XRP Technical Image

Technically speaking, XRP / USD is limited by SMA50 (1 hour) to $ 0.2750. The price attempted a recovery during the early Asian hours, but was stopped by fresh sales orders located under a $ 0.2750 handle. If it is broken, the upside can be extended to $ 0.28 and $ 0.2819 (SMA100, 1 hour); however, this development seems unlikely.

On the downside, support is created by $ 0.2700 psychological, followed by Monday's low at $ 0.2590.

XRP / USD, 1 hour chart

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