Ripple Price Analysis: XRP/USD is bearish as long as it stays below $0.30

XRP/USD recovered to $0.2950 during early Asian hours only to retreat to $0.2850 by the time of writing. Despite the sell-off, the third-largest digital asset is still nearly 2% higher from this time on Monday and mostly unchanged since the beginning of the day. Ripple's market value has settled at $12 billion, while an averaged daily trading volume is set at $3.6 billion, slightly lower from the figures registered in recent days.

Ripple's CEO has ambitious plans

Speaking in the interview with Julia Chatterley form CNN, Ripple's CEO Brag Garlinghouse shared his views on cryptocurrency industry regulation and outlined the path of the development. He believes that his mission is to educate regulators on digital assets, that's why he often meet with officers from various regulatory authorities. Once they understand that digital assets in general and XRP, in particular, have real value, they are likely to change their stance towards the industry. 

Commenting the idea of IPO, he explained that Ripple was not going to issue shares any time soon. However, he also added this was not entirely out of the questions.

Notably, the head of the US-based startup compared Ripple with Amazon, saying that the company may expand to other market segments and target customers, once it secures a winning position in its current domain.

XRP/USD: Technical picture

XRP/USD resumed the decline after a failed recovery attempt. The initial support is created by $0.2840 (SMA100 4-hour). It is followed by psychological $0.2800 and $0.2700. This area stopped the sell-off on Monday, so, there is a chance that it will serve as a backstop for the downside correction. If it is broken, SMA200 4-hour at $0.2580 will come into view.

On the upside, a sustainable move above $0.30 is needed to improve the technical picture and allow for an extended recovery towards $0.3100 and $0.3160 (the upper line of the previous consolidation channel). Meanwhile, $0.30 is strengthened by SMA50 4-hour and SMA200 1-hour.

XRP/USD 4-hour chart