Ripple price analysis: XRP/USD range-bound after a short-lived recovery
|- Ripple's coin has been moving in sync with the market.
- XRP/USD bulls need to clear $0.3220 to increase the upside momentum.
Ripple's XRP hit the recent low at $0.2834 on July 16. The recovery that followed took the price of the third-largest coin marginally above $0.3400, however, the upside proved to be unsustainable. The downside correction took the price towards the critical $0.3000 where new buyers popped in and helped to initiate a recovery. At the time of writing, ETH/USD is changing hands at $0.3182, up 4% on a day-on-day basis and mostly unchanged since the beginning of Thursday.
Read also:
Bank of America builds a settlement system based on Ripple's technology
Ripple adoption speeds up with South Korean Payment Remittance company, Sentbe
Ripple's technical picture
On the intraday charts, XRP/USD bulls have to take the price above $0.3200-$0.3220 area to create an additional upside momentum. This resistance zone includes the highest level of the previous 4-hour period and the upper line of the 1-hour Bollinger Band. Once it is out of the way, the upside may be extended towards psychological $0.3300 strengthened by SMA100 (Simple Moving Average) and the upper line of 4-hour Bollinger Band. This resistance is followed by $0.3400.
On the downside, the initial support comes at $0.3150 (the lower line of 4-hour Bollinger Band, intraday low), followed psychological $0.31. This area creates a strong barrier that is likely to stop the bears for the time being; however, a sustainable move lower will trigger more sell-off towards $0.3000 with the lower line of 4-hour Bollinger Band located on approach.
Considering that the short-term RSI (the Relative Strength Index)stays flat in the neutral position, we may suggest that the coin will stay a consolidation phase in the nearest trading hours.
XRP/USD, 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.