- Ripple’s coin is vulnerable to the downside correction.
- Critical support is created by SMA50 weekly.
Ripple’s XRP hit $0.4715 before retracing to $0.4477. The third largest cryptocurrency has started the technical correction after a substantial and mostly uninterrupted growth during a previous couple of days. XRP’s value has added over 50% in recent seven days, which is one of the best weekly results among top-20 coins.
Looking technically, the intraday picture implies that more sell-off may be in store. The Relative Strength Index (RSI) points downwards, which means that the correction from an overbought territory is not over yet. The nearest bearish target comes with SMA50 (1-hour) at $0.4178. Once it is out of the way, the downside is likely to gain traction with the next focus on psychological $0.40. The even stronger barrier comes at $0.3866 (SMA50 weekly) and $0.3427, which is DMA200.
On the upside, a sustainable move above psychological $0.4600 is needed to bring the previous day high of $0.4672 back into focus. The next upside barrier lies with an intraday high of $0.4715, which is followed by $0.4800. The critical resistance is created by SMA100 weekly at $0.4945. It separates us from the ultimate $0.50.