Ripple Price Analysis: XRP/USD ready to retest $0.2500 after a consolidation period
- Ripple's XRP stays in a range above critical $0.2400.
- The technical indicators point to the coin's growth in the nearest future.
Ripple's XRP is changing hands at 0.2430. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday, even though the majority of altcoins have been moving down. XRP settled on third place in the global cryptocurrency market rating with the market capitalization over $10 billion and an average daily trading volume of $1.8 billion.
XRP/USD: Technical picture
XRP/USD retreated from the intraday high of $0.2476, though it is still well above the psychological support created by $0.2400. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2380, reinforced by 50-hour SMA and the lower line of the 1-hour Bollinger Band. The short-term trend remains bullish as long as the price stays above this level. If it is broken, the downside is likely to gain traction with the next focus on $0.2300 and 100-hour SMA at $0.2280.
On the upside, the initial resistance is created by the intraday high. A sustainable move above this area is needed for the upside to gain traction with the next focus on $0.2500. In the long run, the critical barrier is created by 100-week SMA at $0.2950 followed by a psychological $0.3000.
The intraday RSI shows signs of a bullish reversal, which means the price may resume the recovery within the current range.
XRP/USD 1-hour chart
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Author
Tanya Abrosimova
Independent Analyst
