Ripple Price Analysis: XRP/USD climbs back above $0.3000, bulls struggle to regain control

Ripple's XRP has recovered above $0.30 after a dip to $0.2839 during early Asian hours. The coin has gained over 5% since the start of the day and 3% in the recent 24 hours. The weekly gains amounted to 38%, which is the best result in top-20 coins. XRP takes the third position in the global cryptocurrency market rating with the current market capitalization of $13 billion and an average daily trading volume of $3.77 billion.

XRP/USD: Technical picture

XRP/USD recovered from the intraday low of $0.2839, though it is still well below the Sunday's high of $0.3258. The local resistance is created by the upper line of the 1-hour Bollinger Band at $0.3030. A sustainable move above this area is needed for the upside to gain traction. Once it is out of the way, $0.3050 followed by $0.3100 will come into focus. Considering the upward-looking RSI, the bullish scenario looks likely at this stage.

On the downside, the support is created by $0.2900 ( the middle line of the 1-hour Bollinger Band). It is followed by 1-hour SMA50 at $0.2860 that has been limiting the decline since the end of July. The short-term trend stays bullish as long as the price is above this technical barrier.

XRP/USD 1-hour chart