Tanya Abrosimova
Independent Analyst
- XRP/USD recovery is capped by $0.31.
- The coin is doing better than other top coins.
XRP/USD broke below $0.30 handle to trade at $0.2988 during early Asian hours. The second largest coin with a market capitalization of $12.2 is relatively stable despite a disappointing move under critical support. XRP/USD is down 1.7% in recent 24 hours and unchanged since the beginning of Friday, which compares favorably with the majority of other top-20 coins.
It is worth noting that XRP has been focusing around $0.30 since the beginning of the week as traders tend to buy in dips towards $0.29 support. The coin has lost over 40% of its value in recent 30 days, but it is still a way off its recent low reached at $0.2560 in the middle of September.
Ripple's technical picture
On the 4-hour chart, XRP/USD is staying within the range, supported by the lower border at $0.2900. This support area might serve as a jumping-off ground for a more sustainable recovery, provided that the overall sentiments towards cryptocurrency assets become more positive. A sustainable movement below the said handle will send prices towards $0.2500 and $0.2290.
On the upside, the local resistance is created by $0.30 handle, which separates us from a more meaningful barrier at $0.3080-$0.31 area. It is created by a confluence of SMA50 (4-hour), a sloping short-term trendline and a psychological resistance. This is going to be a hard nut to crack for the bulls and, considering the downward bias of the Relative Strength Index, we are not going to see a decisive breakthrough anytime soon.
XRP/USD, 4-hour chart
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