• Ripple's XRP reached a new high of 2020 at $0.3353.
  • The technical picture implies a consolidation in the current range.

Ripple's XRP skyrocketed to $0.3353 during early Asian hours only to collapse to $0.3123 by the time of writing. Despite the decline, the coin is still over 6% higher on a day-to-day basis. XRP now takes the third place in the global cryptocurrency rating with the current market capitalization of $13.6 billion and an average daily trading volume of $5.4 billion. 

XRP/USD: Technical picture is still good for bulls

XRP/USD dropped to $0.2999 amid major sell-off on the cryptocurrency market; however, the coin managed to recover above $0.3100. Now the coin attemts to clear the local resistance of $0.3130 created by the middle line of 1-hour Bollinger Band. Once it is cleared, the recovery may be extended towards $0.3200 and $0.3300

On the downside, a sustainable move below $0.3000 will worsen the immediate technical picture and increase the selling pressure with the next focus on $0.2950 (SMA50 1-hour and the lower line of 1-hour Bollinger Band). The critical support is created by a combination of SMA100 1-hour and  an upper boundary of the previous consolidation channel at $0.2860.

Considering the flat RSI on intraday charts, the coin is likely to stay in the current range limited by $0.3000 and $0.3200 until fresh catalysts hit the market.

XRP/USD 1-hour chart

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