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- The XRP / USD is down nearly 4% in the market correction.
- The upward trend may resume as long as the price remains above $ 0.3500.
The XRP / USD is changing hands at $ 0.373, down nearly 4% from Thursday. The second largest currency with a market capitalization of $ 25 billion and an average daily trading volume of about $ 900 million is one of the top-20 subproletarians, which is mainly explained by technical factors. This market got used to ignoring fundamentals and focusing on feelings.
Meanwhile, XRP is still 30% higher than at the beginning of the week. The currency has managed to go through a series of strong levels of resistance and improve its technical configuration.
The technical framework of Ripple
On a daily chart, XRP / USD is still limited by DMA50 (now at $ 0.4060). We must overcome this obstacle to proceed to a stronger resistance created by a confluence of DMA100 and DMA200 to $ 0.4300. This area is reinforced by the sloping trendline.
The RSI on the daily chart remains in neutral territory, although it has started to come down, which may indicate that for us there is some correction with a large obstacle created by a horizontal support line at $ 0, 3500. A lower sustained move will cancel the bullish forecast and push the lowest price to the next target at $ 0.3200 and $ 0.30.
XRP / USD, the daily chart
