Ripple chart on February 7: XRP/USD is still a bear case
|- XRP/USD is still a bear case despite the recovery from lows.
- A move above $0.30 is needed to mitigate immediate bearish pressure.
Ripple's XRP has recovered from Wednesday’s low $0.2878 to trade marginally above $0.29 by press time. The second largest coin by market value cannot gain upside momentum, which might signal that we are in for another leg down.
Looking technically, XRP/USD is supported by the lower boundary of the triangle at $0.2850. If this barrier is out of the way, the sell-off may continue with the next focus on $0.2815 (the lowest level since December 15) and psychological $0.28.
The bearish development looks likely, considering an emerging reversal of the Relative Strength Index (RSI).
Meanwhile, a sustainable move above $0.30 will mitigate the immediate bearish pressure and allow the coin to extend the recovery towards $0.32 (the upper line of the above-said triangle). This resistance is closely followed by another strong barrier $0.3240 created by SMA100 (4-hour) and the upper boundary of the broken horizontal channel. Once broken, the price will proceed to the next bullish aim at $0.33 and $0.3383 (January 31 high).
XRP/USD, 4-hour chart
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