Ripple market update: XRP/USD settles above $0.2600, upside momentum fading away
- XRP/USD stays range-bound after the recent strong growth.
- The next strong resistance comes at $0.2700.
Ripple’s XRP, the third-largest digital asset with the current market capitalization of $11.3 billion, made its way above $0.2600 barrier to trade at $0.2630 at the time of writing. However, despite the recovery, the upside momentum seems to be fading away as XRP/USD has been sitting in a tight range since the beginning of Monday trading.
Technical picture
XRP/USD jumped to $0.2664 on September 14 following the comments of Ripple’s CEO Brad Garlinghouse who denied the accusations of price manipulation. Despite the retreat from the recent high, the coin managed to settle above $0.2600, which can be considered a positive signal from the short-term perspective.
Looking technically, the initial resistance is created by $0.2650 (the upper line of one-hour Bollinger Band). It is closely followed by the above-mentioned high and psychological $0.2700. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on $0.2783 (SMA50 (Simple Moving Average) daily).
On the downside, keep an eye on $0.2600 that now serves as formidable support. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2580 strengthened by a combunation of SMA200 one-hour and the lower lines of one-hour and one-day Bollinger Bands.
XRP/USD, one-hour chart
Author
Tanya Abrosimova
Independent Analyst
