- XRP/USD recovers from intraday lows to trade above $0.32
- Strong resistance seen at $0.34.
Ripple’s XRP crashed below several support levels and touched $0.3178 low during early Asian hours. At the time of writing, the third largest digital asset with the market value of $13.5 billion is trading at $0.3250, down 6% on a day-on-day basis. XRP/USD is moving in sync with the rest of the market, mired in the bearish correction after a strong growth in the beginning of the month.
As there are no fundamental drivers that might have served as a catalyst for the recent sell-off, the market is driven by sentiments and technical factors.
Looking technically, XRP/USD is hovering around 61.8% Fibo retracement for the upside move from March, 26 low at $0.2869. A sustainable move higher will bring $0.33 back into focus, closely followed by a cluster of SMA100 (4-hour) and 50% Fibo retracement for the above said move. Once this barrier is out of the way, the recovery may gain traction and take the price towards $0.34 strengthened with SMA50 (1-hour)
On the downside, $0.3200 is a strong support created by a confluence of DMA50 and DMA100. If it is broken, the price will retest the intraday low of $0.3178 and proceed to the psychological barrier at $0.30, where a fresh buying interest is likely to appear.
However, considering the flat Relative Strength Index (RSI) on intraday charts, we may suggest that the coin is prone to rangebound trading at this stage.
XRP/USD, 1H chart