Ripple price analysis: XRP/USD squeezed between $0.33 and $0.32
|- XRP/USD recovers from recent lows to trade above $0.32.
- The upside is limited by resistance located on approach to $0.33.
Ripple’s XRP is sitting in a tight range, mostly unchanged since the beginning of Wednesday. The third largest digital asset with the current market capitalization of $13.66 billion is changing hands at $0.3252, off the recent high touched at $0.3279. XRP/USD is struggling to return to the area above $0.3300 handle despite bullish short-term trend.
What’s going on?
Looking technically, XRP/USD has settled above 61.8% Fibo retracement at $0.3270 for the upside move from March, 26 low at $0.2869. . This handle serves as an initial support, that separates the coin from a deeper sell-off towards $0.3136 (April 15 low) and $0.3100. The ultimate support comes at psychological $0.30, where a fresh buying interest is likely to appear.
On the upside, a move above $0.3250-60 area backed by SMA200 (4-hour) and SMA100 (1-hour) will open up the way towards 50% Fibo retracement at $0.3337 coupled with SMA200 1-hour. This barrier is followed by SMA100 (4-hour) around $0.3400.
Considering the flat and neutral position of the intraday Relative Strength Index (RSI), XRP/USD is likely to proceed with its rangebound pattern.
XRP/USD, 4H chart
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