Ripple (XRP) fell below several intraday support levels and touched a minimum of $ 0.3136 in the early Asian hours. At the time of writing, the third largest digital asset with a market value of $ 13.4 billion is trading at $ 0.3190, which is 2.5% lower than the previous day.
The XRP / USD pair is trying to return to the area above the level of $ 0.3200, but low volatility limits the potential for recovery.
What is the matter? Coincheck has added Ethereum (ETH) and Ripple (XRP) to the new over-the-counter trading platform. As a rule, over-the-counter platforms are targeted at large traders who work with large amounts and are looking for ways to reduce transaction costs. Since over-the-counter transactions are not registered in the order book, they do not affect price fluctuations and avoid volatility in the case of large transactions.
However, the news had little impact on ETH or XRP, as the market moves mainly due to speculative and influencing factors. Technically, the price of the XRP / USD pair fell by 61.8% Fibonacci retracement to the upward movement from the March 26 low ($ 0.2869). This development foreshadows that the price may resume falling with the following focus on $ 0.3136 (intraday low) and $ 0.3100.
Sustained movement below this level will lead us to a psychological barrier of $ 0.30, where a new interest in buying will probably appear.
On the other hand, the movement above the mentioned 61.8% Fibonacci will improve the short-term technical picture and allow further recovery to the level of $ 0.3250. The following resistance is created at $ 0.3337, followed by SMA50 and SMA100 (4 hours) at about $ 0.3380.
And what do you think about this?
