Ripple price analysis: XRP/USD dances around $0.3000, where are the buyers?

  • XRP/USD is down 6% on a daily basis, off the recent lows.
  • Ripple needs to regain $0.3200 to mitigate bearish pressure.

XRP is dancing around $0.30 handle While the third largest cryptocurrency managed to recover from the recent low of $0.2932, it is still down nearly 6% since this time on Wednesday. Ripple's current market value is registered at $12.6B.

XRP's technical picture

XRP/USD broke below all critical technical levels. At this stage, the coin needs to recover above $0.3051 (Wednesday’s recovery high), to mitigate the immediate bearish pressure and proceed to $0.3100 and $0.3136 (SMA50, 1-hour). Once this barrier is cleared, the recovery may be extended towards 0.3200 with SMA100 (1-hour) on approach with $61.8 Fibo retracement level located at $0.3230.

The intraday Relative Strength Index (RSI) has entered from an oversold area. The indicator points upwards, which might point out to further recovery.

On the downside, a sustainable move under $0.2932 (Wednesday’s low) will attract more sellers to the market. Speculators will rush to adjust their positioning, which will lead to an extended decline towards $0.2869, which is the lowest level since March 26. 
 

XRP/USD, 1-hour chart

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