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Ripple XRP/USD Calms Down, Enters Consolidation Phase

XRP/USD stalled at 0.3500. Further upside may be limited for now.
  • 1 min Read

By FXStreet

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market and was founded in 2000. The website offers a wide range of tools and resources: 24/5 currency news, real-time economic calendar, advanced rates and charts, educational webinars, analysis reports, forecasts, Learning Center, newsletters, industry services, FX customizable studies… As its distinctive trademark, the portal has always been proud of its unyielding compromise to provide neutral and unbiased information and to enable its users to take better and more confident decisions. FXStreet has managed to gain the collaboration of the entire Forex industry, from individual professionals and small companies right up to Forex Brokers and Investment Banks. FXStreet covers the FX Market 24/5: an expert team of journalists, traders and economists picture what the market is doing and what is happening as it happens. Besides the main website in English, the portal is available in 16 other languages (English, Japanese, Simplified Chinese, Traditional Chinese, Spanish, Russian, Arabic, Turkish, Indonesian, Portuguese, German, French, Italian, Hungarian and Vietnamese, Korean and Catalan). FXStreet was short listed as “Best e-FX initiative of the year (vendor)” for the FX Week e-FX Awards 2010.
FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market and was founded in 2000. The website offers a wide range of tools and resources: 24/5 currency news, real-time economic calendar, advanced rates and charts, educational webinars, analysis reports, forecasts, Learning Center, newsletters, industry services, FX customizable studies… As its distinctive trademark, the portal has always been proud of its unyielding compromise to provide neutral and unbiased information and to enable its users to take better and more confident decisions. FXStreet has managed to gain the collaboration of the entire Forex industry, from individual professionals and small companies right up to Forex Brokers and Investment Banks. FXStreet covers the FX Market 24/5: an expert team of journalists, traders and economists picture what the market is doing and what is happening as it happens. Besides the main website in English, the portal is available in 16 other languages (English, Japanese, Simplified Chinese, Traditional Chinese, Spanish, Russian, Arabic, Turkish, Indonesian, Portuguese, German, French, Italian, Hungarian and Vietnamese, Korean and Catalan). FXStreet was short listed as “Best e-FX initiative of the year (vendor)” for the FX Week e-FX Awards 2010.
  • 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:

  • More in Crypto Continued

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