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Ripple Price Analysis: XRP/USD in retreat as $0.2000 is still a distant dream

  • XRP/USD failed to hold the ground after a short-lived recovery.
  • The intraday indicators point to the further retreat.
Ripple Price Analysis: XRP/USD in retreat as $0.2000 is still a distant dream
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

‏Ripple's XRP hit the intraday high at $0.1977 amid the resumed recovery on the cryptocurrency market. However, the upside proved to be unsustainable as the price retreated back to $0.1960 by press time. XRP is the third-largest digital asset with the current market value of $8.6 billion and an average daily market trading volume of $1.6 billion. 

XRP/USD: Technical picture

On the intraday chart, XRP/USD stays above 1-hour SMA50 (currently at $0.1946). This area reinforced by the above-said MA and the middle line of the 1-hour Bollinger Band serves as local support for the coin.  If it is broken, the sell-off may be extended towards a combination of 1-hour SMA100 and the lower line of the 1-hour Bollinger Band at $0.1930 and a psychological $0.1900 strengthened by 1-hour SMA200. This barrier coincides with the recent consolidation channel.

Considering the downward-looking 1-hour RSI, the short-term bearish scenario looks likely; However, in the long-run, the trend remains bullish as long as the price stays above $0.1700. The critical recovery target is created by $0.2000. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2030 (  23.6% Fibo retracement for the downside move from February 2020 high).

XRP/USD 1-hour chart


 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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