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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

 

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