- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.