- XRP/USD has regained some ground moving in sync with the broader market.
- The initial support is created by the middle line of 1-hour Bollinger Band.
Ripple's XRP recovered from the intraday low of $0.1129 to trade above $0.1600 at the time of writing. The third-largest coin has gained over 15% since the beginning of Friday, though it is still down 12% on a day-to-day basis. The cryptocurrency market has been violent recently. All major coins experienced massive sell-offs with the downside pressure increased amid cascading position liquidations on major cryptocurrency exchanges. Currently, Ripple's market capitalization is registered at $6.9 billion, while an average daily trading volume settled at $5.3 billion.
XRP/USD: Technical picture
XRP/USD broke above the middle line of 1-hour Bollinger Band at $0.1500, which improved the short-term picture for the coin. The next major resistance is created by a combination of SMA50-1-hour and the upper line of 1-hour Bollinger Band at $0.1750. A sustainable move above this area will allow for an extended recovery towards SMA100 1-hour at $0.1930, which is followed by a stronger barrier created by psychological $0.2000. This area served as a backstop during the sell-off at the beginning of the week, which means XRP bulls may have a hard time clearing it out. If they succeed, $0.2140 will come into focus (SMA200 1-hour).
On the downside, the initial support is created by the above-mentioned middle line of 1-hour Bollinger Band at $0.1500. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.1400 and $0.1290 (the lower line of 1-hour Bollinger Band). If this area is broken, the downside pressure may increase significantly and push the price towards the recent low.
XRP/USD 1-hour chart