Ripple Price Analysis: XRP/USD still has a chance to retest $0.2000

XRP/USD settled above the critical technical level
The critical resistance is created by $0.2000.

Tanya Abrosimova Independent Analyst

Ripple's XRP settled at $0.1880. The third-largest digital asset has recovered after a sharp sell-off under $0.1800 on Thursday and hit the high at $0.1932. Despite the retreat below $0.1900 XRP/USD retains positive short-term bias as the price stays above the key technical level. Ripple's trading volume is registered at $8.3 billion, while an average daily trading volume settled at $2.4 billion.

XRP/US: Technical picture

XRP/USD has settled in the range after strong growth. However, the price stays above daily SMA50, which is a positive signal. On the intraday charts, the nearest resistance is created by 1-hour SMA200 (currently on approach to $0.1900). The next resistance comes at the recent high $0.1932, reinforced by the upper line of the 1-hour Bollinger Band. If it is cleared, the recovery may be extended towards $0.2000.

On the downside, strong support comes at $0.1860. It is created by a combination of (1-hour SMA100, closely followed by 1-hour SMA50) at $0.1860. This area is likely to slow down the bears and create a pre-condition for another bullish leg. However, if it is broken, a psychological $0.1800 will come into view. It is followed by the recent low $0.1741.

XRP/USD 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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