Ripple Price Analysis: XRP/USD moves above the broken trend line
- XRP/USD has returned to the area above the short-term trendline.
- The next pivotal resistance is created by $0.2100.
Ripple’s XRP recovered from the intraday low of $0.2008 to trade at $0.2050 by the time of writing. Despite the upside momentum, the coin is still 1.3% lower from this time on Monday and mostly unchanged since the beginning of the day. Its current market capitalization is $8.9 billion and an average daily trading volume of $1.9 billion. The coin has been trading within a short-term bearish bias amid low volatility.
XRP/USD: Technical picture
On the intraday chart, XRP/USD moved to the area above the upside trendline, which is a positive development in the short run. Now this line serves as initial support at $0.240. Once it is broken, the sell-off is likely to gain traction with the next focus on $0.2030 reinforced by 1-hour SMA50 and the middle line of the 1-hour Bollinger Band. This barrier is followed by the psychological $0.2000 with 1-hour SMA100 and the lower line of the 1-hour Bollinger Band located on approach.
XRP/USD 1-hour chart
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On the upside, a sustainable move above Monday’s high of $0.2080 is needed for the upside to gain traction. The next strong barrier is created by the pivotal $0.2100 with daily SMA100 and the middle line of the daily Bollinger Band. If it is cleared, the next resistance $0.2200 will come into focus. It is reinforced by daily SMA200. XRP/USD has been trading below this MA since the end of February, which means that the bulls may have a hard time moving higher.
XRP/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
