Ripple price analysis: XRP/USD regained some ground, no escape from the range yet
- Ripple's coin has recovered from the intraday low.
- The resistance $0.3200 limits tXRP's upside.
Ripple's XRP has recovered from the intraday low pf $0.3105 towards $0.3156. The third-largest digital asset with the current market value of $13.5 billion is still 2% lower from this time on Tuesday, though the coin managed to gain 1% since the beginning of the day.
At the time of writing, XRP/USD is changing hands at $0.3140 amid slow bullish trend.
Read also: MoneyGram starts using Ripple's xRapid
Ripple's technical picture
On the intraday charts, XRP's resistance is limited by $0.3170 with SMA200 (Simple Moving Average) 1-hour and the upper line of 1-hour Bollinger Band located on approach. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.3180 (SMA50, 1-hour), followed by psychological $0.32. This barrier has been limiting XRO's recovery since the previous week.
On the downside, the initial support is created by $0.3130 the created by the middle line of the Bollinger Band on 1-hour chart. A sustainable move below this barrier will increase the selling pressure and push the price towards psychological $0.31 strengthened by the lower lines of Bollinger Bands on 1-hour and 4-hour charts.
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
