The value of XRP began a downward movement from the swing high of $0.3350 against the U.S dollar. The digital currency declined below a major support level against Bitcoin (BTC) and the USD. However, the coin is gradually correcting higher, but it is likely to face resistance close to the $0.3350.
XRP (XRP) Price Today – XRP / USD
XRP (XRP) is currently trading at $0.3344 after a decrease of less than two percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $13.17 billion and a trading volume of $301.38 million over the past twenty-four hours.
XRP Price Analysis and Trend
After trading a couple of points over the 35 cents mark, the value of XRP encountered some hurdles. The digital currency formed a short-term high close to the $0.3533 before it started correcting lower. The value of the coin declined and broke below the support levels at 34 cents and 33 cents.
There was also a break and close beneath the $0.3350 mark and the 100-hourly simple moving average. During the downward movement, the coin broke beneath a critical bullish trendline with support at the $0.3375 mark.
The coin even formed a fresh intraday low at the $0.3120 mark before finding a support level. The digital currency is currently consolidating higher, and it is now trading over the 33 cents mark. An initial hurdle is close to the 23.6 percent Fibonacci retracement level of the previous swing from the high of $0.3533 to the low of $0.3120.
Nevertheless, the key hurdle of the digital currency is at the $0.3350 mark and the 100-hourly simple moving average. Also, the 50 percent Fibonacci retracement level of the previous swing from the high of $0.3533 to the low of $0.312 is also close to the $0.3347 to act as a hurdle.