Tanya Abrosimova
Independent Analyst
- XRP/USD has recovered from the recent low, but the upside is limited.
- The critical local resistance is created by $0.1800.
XRP/USD has settled in the middle of $0.1700-$0.1800 range after a sharp sell-off to $0.1691 during the past weekend. At the time of writing, the coin is changing hands at $0.1766, mostly unchanged both on a day-to-day basis and since the beginning of Tuesday. Ripple's XRP is the fourth-largest digital asset with the current market value of $7.8 billion and an average daily trading volume of $1.14 billion. The coin is still down nearly 7% on a weekly basis.
XRP/USD: technical picture
On the intraday chart, XRP/USD dropped below 1-hour SMA50 (currently at $0.1770) after a failed attempt to push through the local resistance created by $0/1790-$0.1800. This area included the highest level of the previous day and 1-hour SMA100. Once it is out of the way, the upside is likely to gain traction with the next focus on the lower boundary of the previous short-term consolidation range at $0.1860 followed by $0.1900.
On the downside, the local support at $0.1750 (the lowest level of the previous day). If it is broken, the sell-off may be extended towards psychological $0.1700 and the weekend low of $0.1691. The RSI is flat in a neutral position, which means the coin may continue consolidating in the current channel.
XRP/USD 1-hour chart
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On the daily chart, the local resistance is created by the middle line of the daily Bollinger Band at $0.1860. It is followed by a stronger barrier of $0.1950, created by a combination of daily SMA100 and SMA50. A sustainable move above this area is needed for the upside to gain traction with the next focus on $0.2000-$0.2030 that served as a strong resistance area in the beginning of June.
XRP/USD daily chart
-637290951952020899.png)
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