Ripple market update: XRP/USD glued to $0.30

XRP/USD is unchanged on a daily basis, off the recent lows.
Ripple needs to regain $0.3200 to mitigate bearish pressure.

Tanya Abrosimova Independent Analyst

XRP is dancing around $0.30, mostly unchaged both o a day-on day basis and since the beginning of Monday. While the third largest cryptocurrency managed to recover from the recent low of $0.2827 touched on April 25, it is still down nearly 7% since this time on Monday, April 22. Ripple's current market value is registered at $12.5 billion, while an average daily ytading volume has settled at $724 million.

XRP's technical picture

XRP/USD broke above the critical technical level created by a psychological $0.30 and solidified by a confluence of SMA100 and SMA50 (1-hour). The coin created a bullish gap, visible on 1-hour chart, which implies that the bullish sentiments are growing stronger.

However, the short-term recovery is capped by $0.3080-$0.3100 area that encompasses SMA50 (4-hour) and SMA200 (1-hour). Once it is cleared, the upside momentum will gain traction with the next focus on $0.3200 with SMA100 (4-hour) located in approach, followed by $61.8 Fibo retracement level located at $0.3230.

On the downside, a sustainable move under $0.3000 will attract more sellers to the market and push the coin back to $0.2900 and to the recent low of $0.2827.

XRP/USD, 1-hour