Tanya Abrosimova
Independent Analyst
- XRP/USD bulls hit a pause button as the coin retreats to $0.2900.
- The strong support is created on approach to $0.2850.
Ripple’s XRP is changing hands at $0.2900, off the recent high registered at $0.3041. Now the third-largest digital asset with the current market value of $12.5 billion has stayed unchanged in recent 24 hours amid range-bound trading on the global cryptocurrency market.
Ripple’s XRP confluence levels
Looking technically, the price settled above SMA100 (Simple Moving Average) on a daily chart and a short-term upside-looking trendline currently at $0.2800, which bodes well for XRP bulls. However, we will need to see a move above the psychological barrier of $0.30 to create a sustainable recovery. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$0,2950 - SMA10, SMA50 and SMA100 on the one-hour chart, the middle line of four-hour and one-hour Bollinger Bands, 38.2% Fibo retracement weekly;
$0,3000 - the upper line of four-hour Bollinger Band, psychological level;
$0,3100 - Pivot Point one-week Resistance 1.
Support levels
$0.2850 - 61/8% Fibo retracement weekly and monthly, SMA10 daily;
$0.2700 - 161.8% Fibo projection daily, the middle line of a daily Bollinger Band, the lowest level of the previous week;
$0,2650 - SMA50 daily.
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