Ripple price analysis: XRP/USD rangebound, traders looking silver linings amid recent crash

  • XRP recovers from the recent losses, stays below $0.5900.
  • XRP community remains optimistic about the coin.

Ripple, the third largest coin by market value, is changing hands at $0.5875, down about 2% since the start of the day and mostly unchanged on daily basis.  The coin touched $0.5550 low on Sunday but managed to stage a short-lived recovery without much follow through. Ripple’s market value has settled at $23.61, while the trading volumes reduced to $300M from $500M registered on Monday.

XRP’s community seems to be unfazed by an epic weekend crash as traders and investors demonstrate strong support for the coin. many commentators in social media channels emphasized the practical case for XRP and real platform and working technology behind the coin, which makes it different from the majority of digital assets, driven mainly bu speculative interest. Reddit users even noticed some positive aspects such as Ripple’ attempts to decouple from Bitcoin.

“The good news is: we are 30% higher than the last time Bitcoin hit 6600.”

However, on the other side of the spectrum class legal action lawsuits filed by unlucky investors who put their money in the coin at a wrong time and went broke. Read more about recent accusations towards Ripple Lab.

Ripple technical picture

From the technical point of view, XRP/USD is safe as long as it stays above $0.5600 – the support created by 78.6% Fibo retracement level. Once it is broken., the selling pressure may take the price all the way down to $0.4500 (April’s low)  On the upside, a major recovery aim sits at  $0.6470 (61.8% Fibo). Bulls need to get the coin substantially higher to mitigate bearish pressure. The next upside targets are psychological $0.6800 and $0.7000.

XRP/USD, the daily chart

 

 


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