Tanya Abrosimova
Independent Analyst
- Ripple's coin has been unable to develop the upside momentum above $0.32
- The downside correction may be stopped by $0.3100.
Ripple's XRP crashed from the intraday high of $0.3246 to as low as $0.3144 in a matter of minutes amid a massive wave of bearish sentiments that flooded the cryptocurrency market. RP/USD is changing hands at $0.3174 at the time of writing, monthly unchanged on a day-on-day basis.
Ripple's technical picture
On the intraday charts, XRP/USD is locked in a tight range limited by $0.3200 on the upside and $0.3100 on the downside. An unsuccessful attempt to clear the upper boundary of the channel, created an additional bearish impulse for the coin.
The initial support is created by the area $0.3160-$0.3170 created by a confluence of SMA200 (Simple Moving Average) and the lower line of the Bollinger Band on 1-hour chart. a sustainable move below this area will increase the bearish pressure and push the price towards psychological $0.31 strengthened by the lower line of 4-hour Bollinger Band.
On the upside, $0.32 remains the key for the extended recovery, strengthened by SMA50 1-hour and the middle line of 1-hour Bollinger Band. It is closely followed by the upper line of 4-hour Bollinger Band at $0.3270.
XRP/USD, 1-hour chart
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