TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Ripple Price Analysis: XRP/USD glued to $0.2000 after a failed recovery attempt

  • Ripple's XRP has entered a range-bound as volatility subsided.
  • XRP/USD needs to clear the recent recovery high for the upside momentum to gain traction.
Ripple Price Analysis: XRP/USD glued to $0.2000 after a failed recovery attempt
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Ripple's XRP is changing hands at $0.2000, mostly unchanged both on a day-to-day basis and since the beginning of Monday. The coin has been locked in a tight range since July 11 after a retreat from the recovery high of $0.2117. XRP is now the fourth-largest digital asset with the current market value of $8.83 bilion and an average daily trading volume of $895 million. 

XRP/USD: Technical picture

Ripple's coin attempted a recovery to $0.2047 on Saturday, July 11, but a cluster of stop orders located in this area pushed the price back towards the psychological support of $0.2000. This barrier has the potential to absorb the downside momentum, however, once it is cleared, the sell-off may be extended towards $0.1960 (daily SMA100) and $0.1925 (daily SMA50). This support area is followed by a psychological $0.1900 that served as an upper line of the previous consolidation channel.

On the upside,  a sustainable move above July 11 high is needed for the upside to gain traction with the next focus on $0.2100. This strong technical area is reinforced by a combination of daily SMA200 and the upper line of the 4-hour Bollinger Band. While the ultimate bullish goal is seen at $0.2500, the bulls might find it hard to engineer a steady upside momentum as long as the recent recovery high of $0.2357 remains unbroken. 

BTC/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC drops below $68,000 as oversold signal fails to stop sellers

Bitcoin Weekly Forecast: BTC drops below $68,000 as oversold signal fails to stop sellers

Bitcoin corrects more than 7% so far this week, hitting an intraday low of $67,568 on Friday. Rising liquidations, continued ETF outflows, and weakening risk appetite are leaving BTC vulnerable to further downside.

Ripple risks losing $1.00 support as 24-hour liquidations hit $20 million

Ripple risks losing $1.00 support as 24-hour liquidations hit $20 million

Ripple remains on edge, trading around $1.00 on Friday. The remittance token’s sharp decline has persisted since November 5, initially triggered by the $6.3 billion Binance hack and later accentuated by the US midterm elections.

Crypto Today: Bitcoin, Ethereum, XRP extend losses as bears tighten their grip

Crypto Today: Bitcoin, Ethereum, XRP extend losses as bears tighten their grip

Bitcoin's (BTC) sell-off deepens on Friday, with the spot price below $69,000. The largest crypto by market capitalization leads the intense selling, with Ethereum (ETH) below $2,000 and Ripple (XRP) hovering just above $1.00.

Bitcoin just posted five straight losing weeks, and the storm may not be over yet

Bitcoin just posted five straight losing weeks, and the storm may not be over yet

Bitcoin is struggling to find support, slipping below $70,000 as multiple headwinds threaten to push the Crypto King lower. The much-anticipated “Uptober” rally failed to materialize, with persistent selling pressure and widespread liquidations instead reinforcing the “Rektober” narrative.

Bitcoin: BTC drops below $68,000 as oversold signal fails to stop sellers

Bitcoin: BTC drops below $68,000 as oversold signal fails to stop sellers

Bitcoin (BTC) extends its correction, falling more than 8% and hitting an intraday low of $67,568 on Friday. Despite oversold technical signals, selling pressure continues to intensify, with persistent Exchange Traded Funds (ETFs) outflows, leveraged liquidations and weakening risk appetite weighing on the Crypto King outlook.