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:

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Watchlist

Symbol Last Price Change % Change
AAPL

     
AMZN

     
HD

     
JPM

     
IBM

     
BA

     
WMT

     
DIS

     
XOM

     

World Economic Forum at Davos 2019 - Frank Ricotta CEO BurstIQ

Matt Bird sits down with Frank Ricotta, CEO BurstIQ, at the World Economic Forum at Davos 2019