Ripple price analysis: XRP/USD range-bound under $0.32

Ripple's coin has been recovering in sync with the market.
XRP/USD bulls need to clear $0.32 to build up on the upside momentum.

Tanya Abrosimova Independent Analyst

Ripple's XRP bottomed out at $0.2834 on July 16 and has been growing ever since. XRP/USD reached $0.3264 in June; however, the recovery momentum has faded away. The third-largest digital coin with the current market capitalization of $13.7 billion has gained about 3% of its value in recent 24 hours and stayed mostly unchanged since this time on Friday.

Ripple's technical picture

On the intraday charts, XRP/USD bulls try to push the price above critical $0.32 barrier, strengthened by SMA50 (Simple Moving Average) on 4-hour chart. Once it is out of the way, the recovery may be extended towards the recent recovery high ($0.3264) and $0.33. The ultimate resistance comes at $0.3550 (confluence of 61.8% Fibo retracement and SMA100 4-hour).

On the downside, the initial support is seen at $0.3100, followed by psychological $0.30 and the recent low of $0.2834. Considering that the short-term RSI (the Relative Strength Index)stays flat in a neutral position, we may suggest that XRP/USD will be sidelined in the nearest future.

XRP/USD, 4-hour chart

Author

Tanya Abrosimova

Independent Analyst

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.