Ripple Price Analysis: XRP/USD claws back ground above $0.1700

XRP/USD dropped below $0.1700 during the weekend and recovered to $0.1766 by press time. Ripple's XRP is the fourth-largest digital asset with the current market value of $7.8 billion and an average daily trading volume of $1 billion. The coin has has stayed mostly unchanged both on a day-to-day basis and since the beginning of Monday, but it is still down nearly 7% on a weekly basis.

XRP/USD: technical picture 

On the intraday chart, XRP/USD recovery is capped by 1-hour SMA50 currently at $0.1780. This MA has been limiting the upside since June 27. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $0.1800 reinforced by 1-hour SMA100 and $0.1830 (1-hour SMA200). The next resistance is created by the lower boundary of the previous short-term consolidation range at $0.1860 followed by $0.1900. On the downside, the local support local at $0.1760. If it is broken, the sell-off may be extended towards $0.1700 and the local low $0.1690. The RSI is flat in a neutral position, which means the coin may continue consolidating in the current channel.

XRP/USD 1-hour chart

On the daily chart, the strong resistance is created by SMA100 at $0.1930. This barrier is followed by SMA50 at $0.1950.  A sustainable move above this area is needed for the upside to gain traction with the next focus on $0.2000-$0.2030 that served as a strong resistance area in the beginning of June. Once it is cleared, the recovery may gain traction towards $0.2100 reinforced by daily SMA200.

XRP/USD daily chart