Ripple price analysis: XRP/USD continues hibernating under $0.32

Tanya Abrosimova Independent Analyst

Ripple's coin is oscillating in a tight range.
XRP/USD bulls need to clear $0.3200 to gain the upside momentum.

Ripple's XRP stays calm, even as the rest of the market has started moving. The third-largest digital asset with the current market value of $13.6 billion has stayed mostly unchanged both on a day-on-day basis and since the beginning of Thursday, capped bu a strong resistance at $0.3200.

At the time of writing, XRP/USD is changing hands at $0.3140 amid decreasing volatility and short-term bearish sentiments.

Ripple's technical picture

On the intraday charts, XRP/USD is supported by a confluence of SMA100 (Simple Moving Average) 1-hour and the lower line of 1-hour Bollinger Band at $0.3130. A sustainable move below this area will bring psychological $0.3100 into focus where new short-term buyers are expected to join the market. Moreover, $0.3100 is an upper boundary of the previous consolidation channel, which means the bears might have a hard time pushing the price lower.

The next support awaits us on approach to $0.3040 (the lower line of 4-hour Bollinger Band) and a critical $0.30.

On the upside, we will need to see a sustainable move above $0.32 for the bullish momentum to gain traction. This will open up the way towards $0.34, the highest level since July 20.