Ripple price analysis: XRP/USD bulls stop short of $0.32, the sell-off resumed
- Ripple's coin has been moving down in sync with the market.
- XRP/USD bulls need to clear $0.32 to continue the recovery.
Ripple's XRP slipped below $0.31 handle, but further upside looks limited. The third largest digital asset with the current market capitalization of $13.4 billion, has gained 1.2% in recent 24 hours; however, it is still down over 20% on a week-on-week basis.
Ripple's technical picture
On the intraday charts, XRP/USD bulls struggle to go past $0.32 handle that has been limiting the coin's recovery since July 14. Once it is broken, the upside momentum will gain traction with the next focus on $0.3250 barrier created by SMA100 (Simple Moving Average) on the 1-hour chart.
A sustainable move above this handle will open up the way towards the next bullish aim of $0.3480 (SMA200 1-day), which is closely followed by psychological $0.35.
On the downside, a move below local support created by $0.31 (the lower boundary of the short-term consolidation channel) bodes ill for short-tyerm XRP bulls. Once below, the coin will extend the downside towards $0.30 and the recent low of $0.2946. Considering that the short-term RSI (the Relative Strength Index)stays flat in a neutral position, we may suggest that XRP/USD will be sidelined in the nearest future.
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
