Ripple price analysis: XRP/USD bulls discouraged by a failure at $0.3100

  • XRP/USD may resume the decline towards the recent lows.
  • The recovery is possible in case of broader market growth.

Currently, XRP/USD is trading at $0.3050 with a bearish bias. The second largest coin with a market capitalization of $12.4 stays unchanged on a daily basis and since the beginning of Thursday. Strong bearish momentum on the intraday intervals amid growing volatility implies that XRP may retest the recent lows rather sooner than later. 

XRP/USD peaked at $3,2983 on April 4 and lost over 90% since that time, pressured by the regulatory uncertainty, litigations against Ripples Lab and overall bearish sentiments of the cryptocurrency market.

Ripple's technical picture

On the 4-hour chart, XRP/USD is moving within the downside channel with the lower border at $0.2900. The rebound from this areas will trigger an upside movement towards the short-term sloping trendline currently located at $0.3100 and strengthened by SMA50 (4-hour). XRP attempted bu break above this sloping resistance on Wednesday, to no avail. 

Considering that the Relative Strength Index starts to revers to the upside on the 4-hour chart), XRP/USD may have another try at $0.3100. A sustainable move higher will expose the next resistance of $0.3400 (SMA100, 4-hour) and $0.3525 (23.6% Fibo retracement level).
On the downside, a strong movement under $0.2900 will send prices towards $0.2500 and, potentially, to $0.2290.

XRP/USD, 4-hour chart

 

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