Ripple price analysis: XRP/USD recovery capped by $0.32
- Ripple's coin has been range-bound, moving in sync with the market.
- XRP/USD bulls need to clear $0.3200 to gain the upside momentum.
Ripple's XRP has not been very active recently. The third-largest digital asset tested $0.32 barrier but failed to clear it out. Slow trading activity and non-existent volatility confine the coin to the narrow range limited by $0.3200 on the upside and $0.30 on the downside.
Ripple has a market value of $13.6 billion. The coin has gained over 3% in recent 24 hours and stayed unchanged since the beginning of Asian trading on Wednesday.
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Ripple's technical picture
On the intraday charts, XRP/USD bulls managed to make their way above $0.3150 barrier created by SMA50 (Simple Moving Average) and SMA100 on 4-hour chart. The next strong resistance is created by the above-mentioned $0.3200. We will need to see a sustainable move above this handle for the upside to gain traction and take the coin towards $0.34. This is the highest level since July 20. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.3490 (SMA200 4-hour).
On the downside, the initial support awaits at $0.3150. It is followed by psychological $0.31. This area creates a strong barrier and might stop the sell-off for the time being; however, a sustainable move lower will increase the downside momentum and push the price towards psychological $0.300 and $0.2834, which is the lowest level since July 16.
XRP/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
