Ripple XRP/USD Calms Down, Enters Consolidation Phase

FXStreet  |
  • XRP/USD stalled at 0.3500.
  • Further upside may be limited for now.

Ripple’s XRP is hovering at $0.35000, off the intraday high reached at $0.3734. The third largest coin with the current market value of $14.6 billion is moving in sync with the market. XRP/USD has gained about 6% since this time on Tuesday, though the price has barely changed if compared to the level registered at the beginning of Asian trading.

Looking technically, XRP has entered a short consolidation phase at current levels. The Relative Strength Index on the 1-hour chart returned to neutral territory, which might signal that the correction phase is drawing to an end. If the price breaks below this barrier, the sell-off may be extended towards $0.3330 (SMA50 1-hour). The next support comes at $0.3220-$3200 (SMA100 1-hour), while an ultimate line in the sand for the bears lies at $0.3000.

On the upside, we need to see a strong move above the $0.3580-$0.3600 congestion zone for upside momentum to gain traction and take the coin towards DMA200, $0.3786, and the psychological $0.3800 level.

From the longer-term point of view, the bulls aim at $0.4000 and $0.4333 created by weekly SMA50.

XRP/USD 1 hour chart:

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