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Ripple Price Analysis: XRP/USD bulls struggle to return above $0.2700, bears lurk around

  • Ripple's XRP needs to recover above $0.2700 to improve the short-term picture.
  • The critical support is created by the recent low of $0.2550.
Ripple Price Analysis: XRP/USD bulls struggle to return above $0.2700, bears lurk around
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Ripple's XRP has been one of the worst-performing coins out of top-5 recently. The asset broke below the local support created by $0.2700 and lost over 3% on a day-to-day basis. At the time of writing, XRP/USD is changing hands at $0.2663, having recovered partially from Thursday's sell-off to $0.2557. XRP's average daily trading volume amounts to $1.5 billion, while its market capitalization is registered at $11.2 billion.

XRP/USD: The technical picture

On the intraday chart, XRP/USD is supported by the middle line of the 1-hour Bollinger Band at $0.2640. This area stopped the sell-of earlier during the day, and now may be used as a jumping-off ground for an extended recovery to $0.2700. If this local barrier is cleared, the recovery may be extended towards 1-hour SMA100 at $0.2770 and $0.2800 reinforced by 1-hour SMA200.

XRP/USD 1-hour chart

On the downside, a sustainable move below $0.2600 will worsen the short-term technical picture and allow for a deeper decline towards the recent low of $0.2547. This barrier is reinforced by the daily SMA50 and it should slow down the bears for the time being.  A sustainable move below this area may trigger a sharp sell-off with the next target at $0.2200 (daily SMA200 and the upper boundary of the previous consolidation channel).

XRP/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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