Ripple Price Update: XRP/USD regained the ground, $0.2000 is still a dream

Ripple's XRP is changing hands at $0.1916, mostly unchanged since the beginning of the day. Meanwhile, in the recent 24 hours, the coin has gained nearly 3%, having recovered from May 15 low of $0.1822.  The four-largest didital asset with the current market capitalization of $8.45 billion and an average daily trading volume of $1.3 billion extended the decline after a period of range-bound trading during the weekends.

According to the research posted by one of the Japanese cryptocurrency exchanges, the local investors prefer Bitcoin  which is quite natural, and Ripple's XRP. The survey carried out on Twitter showed, that 26% of the polled investors prefer BTC, while 25% of the respondents chose XRP.

XRP/USD: technical picture

XRP/USD hit the intraday high at broke below $0.1940 during early Asian hours and retreated to the middle line of the 1-hour Bollinger Band and 1-hour SMA100 at $0.1910.  The short-term bias remain bearish amid expanding volatility.

On the upside, the local resistance is created by the intraday high of $0.1940. It is closely followed by $0.1950 reinforced by a combination of 1-hour SMA200 and the upper line of the 1-hour Bollinger Band as well as 4-hour SMA50. 

XRP/USD 1-hour chart

Once this area is out of the way, the upside is likely to gain traction with the next focus on the psychological $0.2000. This barrier is reinforced by 4-hour SMA100 and SMA200. A stronger barrier comes at $0.2030 as it contains a combination of strong technical factors, including daily SMA50, 38.2%  Fibo retracement for the downside move from February 2020 high and an upper boundary of the previous consolidation channel. 

XRP/USD 4-hour chart

On the downside the price is supported by $0.1900 ( the middle line of the 4-hour Bollinger Band) and the intraday low ($0.1909).  A sustainable move below this area will triger more sell-off with the next aim at $01820-0.1800 area, which includes Monday's low. It is followed by $0.1700 (23.6%  Fibo retracement for the downside move from February 2020 high).

XRP/USD daily chart