XRP/USD settles above $0.32, no strong recovery in sight

Fibo Quantum

  • Ripple’s coin has been moving down rapidly amid bearish sentiments
  • The critical resistance for XRP/USD lies at $0.31.

Bears have established full control over XRP/USD recently as the coin has collapsed from above $0.40 at the beginning of the week and touched the area below $0.32 on Thursday. At the time of writing, XRP/USD is changing hands at $0.3230, down over 3% in recent 24 hours. The total market value of the coin was reduced to $13.8 billion, while an average daily trading volume is registered at $1.8 billion. 

Ripple has been expanding rapidly into the emerging markets with numerous partnership deals with banks in India, Singapore, Brazil and many other countries of the developing world. Recently, the company confirmed that it all major banks in India were working on integrating its xCurrent solution fo facilitate cross-border payments. However, the market tends to ignore the positive developments of the fintech company, as XCurrent solution does not require XRP usage.

Ripple’s technical picture

Looking technically, the initial barrier is created by $0.33 handle. This area has been limiting the recovery since Thursday. Once it is cleared, the upside is likely to gain traction with the next focus on psychological $0.35, strengthened by SMA50 (Simple Moving Average) on 1-hour chart).

On the downside, a sustainable move below $0.32 will expose the recent low of $0.3178. The next bearish aim is seen at psychological $0.31.

XRP/USD, 1-hour chart


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