Ripple market update: XRP/USD rangebound with bearish bias
|- XRP/USD is back above $0.30, little change on a daily basis.
- Ripple needs to recover above $0.3100 to negate bearish pressure.
XRP has been moving in a tight range with bearish bias since the end of April. The third largest coin is changing hands at $0.3012, off the recent low of $0.2964 touched on Wednesday. XRP/USD is mostly unchanged both on a day-on-day basis and since the beginning of Thursday. Ripple’s current market value is registered at $12.6 billion, while an average daily trading volume stays at $890 million.
XRP’s technical picture
XRP/USD managed to return above $0.30 handle, mitigating the immediate bearish pressure. However, the coin needs to clear $0.3050 barrier to set the stage for an extended recovery. This resistance is created by a confluence of SMA50 and SMA100 (4-hour) and SMA200 1-hour. The next bull’s aim comes at psychological $0.3100.
On the downside, a clear move below $0.3000 will expose the recent low of $0.2964 and bring $0.2870 (March 28 low) into focus. It is followed by $0.2815 (the lowest level of December, 15, 2018), which is regarded as an ultimate support for the coin.
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