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- The XRP / USD could resume its decline to its recent lows.
- Recovery is possible in the event of a wider market growth.
Currently, XRP / USD is trading at $ 0.3050 with a downward trend. The second largest currency with a market capitalization of $ 12.4 remains unchanged on a daily basis and from the start of Thursday. The strong bearish impulse on the intraday intervals between increasing volatility implies that XRP can retest the recent lows rather sooner than later.
The XRP / USD peaked at $ 3.283 on 4 April and has since lost more than 90%, under pressure for regulatory uncertainty, disputes over Ripples Lab and the general bearish sentiment of the cryptocurrency market.
The technical framework of Ripple
On the 4-hour chart, XRP / USD is moving into the downtrend channel with the bottom edge at $ 0.2900. The rebound from these areas will trigger an upward movement towards the short-term trendline currently positioned at $ 0.3100 and strengthened by the SMA50 (4 hours). The XRP attempted to overcome this downhill resistance on Wednesday, without success.
Considering that the Relative Strength Index begins to return to the upside in the 4-hour chart), XRP / USD may have another attempt at $ 0.3100. A higher sustainable move will expose the next resistance of $ 0.3400 (SMA100, 4 hours) and $ 0.3525 (Fibo retracement level of 23.6%).
On the downside, a sharp move below $ 0.2900 will send prices towards $ 0.2500 and, potentially, to $ 0.2290.
XRP / USD, 4-hour chart
