- XRP/USD stuck in a tight range amid a lack of momentum.
- Important support is created by a psychological $0.1600.
Ripple (XRP) has been range-bound recently. The third-largest coin settled above $0.1700, which is a good signal, but the further upside seems to be limited so far. XRP/USD hit the intraday high at $0.1752 before retreating to $0.1727 by press time. Ripple's total market capitalization is registered at $7.6 billion, while an average daily trading volume reached $2.0 billion.
Ripple confluence levels
There are a lot of strong technical barriers clustered both above and below the current price. It means XRP may continue oscillating in a tight range for the time being. However, the way to the North looks like a path of least resistance at this stage.
$0.1760 - the lowest level of the previous year, the middle line of 1-hour Bollinger Band
$0.1780 - 23.6% Fibo retracement weekly, the upper line of 1-hour Bollinger Band, Pivot Point 1-day Resistance 1
$0.1880 - Pivot Point 1-week Resistance 1, SMA200 4-hour
$0.1700 - 38.2% Fibo retracement weekly, the lower line of 1-hour Bollinger Band
$0.1650 - SMA10 daily, Pivot Point 1-day Support 2
$0.1600 - 61.8% Fibo retracement weekly
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