Ripple price analysis: XRP/USD hovers around $0.30 amid slow recovery
|- Ripple's coin has been recovering from Monday's lows.
- XRP/USD bulls need to clear $0.3150 to continue the recovery.
Ripple's XRP recovered from Tuesday's low of $0.2834 to trade at $0.30 by the time of writing. The third-largest digital coin with the current market capitalization of $12.7 billion has lost nearly 5% of its value in recent 24 hours and stayed mostly unchanged since this time on Tuesday.
Ripple's technical picture
On the intraday charts, XRP/USD bulls try to push the price above the critical $0.30 barrier. Once it is sustainably broken, the recovery may be extended towards the initial resistance created by SMA50 (Simple Moving Average) 1-hour at $0.3080. Once it is cleared, the upside is likely to gain traction with the next focus on psychological $0.31 and $0.3150 (SMA100 1-hour).
A sustainable move above this handle will open up the way towards the next bullish aim of $0.3480 (SMA200 1-day), which is closely followed by psychological $0.35.
On the downside, watch out for the intraday low of $0.2925, followed by Monday's low at $0.2834. Considering that the short-term RSI (the Relative Strength Index)stays flat in a neutral position, we may suggest that XRP/USD will be sidelined in the nearest future.
XRP/USD, 1-hour chart
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