- XRP/USD is off the recent lows, but upside momentum is weak.
- Bulls need to retake $0.34 to keep th coin moving upwards.
XRP/USD managed to recover from the Sunday’s low $0.3151 to trade at $0.3333 by the time of writing. However, despite positive momentum on Monday, Ripple’s coin is down over 8% on a week-over-week basis, moving in sync with the bearish trend of the cryptocurrency market.
XRP’s technical picture
XRP/USD smashed SMA50 and SMA100 (1-hour) to above $0.3300 handle, which can be interpreted as a positive signal. Now the price needs to reclaim $0.34 and $0.3430 (Monday’s high) for the recovery to gain traction. Once this happens, XRP bulls will get a chance to push the price towards the next congestion area $0.3470, strengthened by SMA100 (1-hour). The next resistance is spotted at $0.3640 area (the lower border of the previous range).
On the downside, the nearest support is now seen at $0.3300; it is followed by the lower line of the 1-hour Bollinger band at $0,3220 and by Sunday’s low at $0.3156. Once this area is cleared, the sell-off may continue towards psychological $0.3000.
1-hour RSI stays flat in the neutral position, signaling that more rangebound trading may be in store for XRP during the nearest trading hours. However, once the European and American traders return to the market, the volatility may be resumed.
XRP/USD, 1-hour
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