Ripple Price Analysis: XRP/USD hibernates in a tightening range as Ripple donates $200 000 to fight coronavirus

XRP/USD is locked in a tight range above $0.1600.
Ripple joined the charitable efforts and moves to remote-only mode.

Tanya Abrosimova Independent Analyst

Ripple's XRP is hovering marginally above $0.1600, mostly unchanged since the beginning of the day. The coin has been locked in a tight range recently as the market ground to a halt after sharp movements. Ripple's market value is registered at $7 billion, while its average daily trading volume exceeded $2 billion.

Ripple donates $200 000 to fight COVID-19

A San-Francisco-based blockchain startup announced the decision to donate $200,000 to non-profit organizations Tipping Point Community and the Silicon Valley Community Foundation.

In these challenging times, Ripple is committed to being part of the global response to the COVID-19 pandemic. We’re starting in our own backyard with $100K donations each to @tippingpoint's COVID emergency response fund and @siliconvalleycf’s COVID Regional Response Fund. (1/2).

The company joined a long list of industry players that make contributions in fighting the deadly virus that took lives of over 20,000 people around the globe. The pandemic forced many companies to move to remote working, and Ripple is no exception here. Lead Developer at Ripple Nik Bougalis said that he had been working remotely for over 20 years and offered help for those who struggled to organize their remote work.

XRP/USD: Technical picture

XRP/USD has barely moved in recent three days as the market struggles to find direction in the highly uncertain environment. XRP bottomed out at $0.1129 on March 13 and managed to gain over 40% since that low; however, the further recovery is limited by the (middle line of the daily Bollinger Band) currently at $0.1690. This barrier is closely followed by psychological $0.1700, which means XRP bulls may have a hard time moving through this resistance area. A sustainable growth higher will trigger the upside move towards psychological $0.20 that served as a support at the beginning of the month. The next strong resistance is created by a confluence of SMA100 1-day and the upper line of the daily Bollinger Band at $0.2230.

On the downside, a move below $0.1600 will open up the way to the next bearish target at $0.1500 and bring $0.1450 back into focus. This line served as support on several occasions during the recent week. If it is broken, $0.1400 (March 18 low) and $0.1283 (March 16 low) will come into focus.