- XRP/USD tries to take off from $0.29 support.
- The coins locked in a range amid directionless trading.
XRP/USD has settled above $0.29 after a short-lived dip to $0.2815 on Saturday. The second largest coin with a market capitalization of $11.8 is relatively stable; however, it is still trading with the downside bias. XRP/USD is unchanged both in recent 24 hours and since the beginning of Monday, which is in line with the overall market situation.
Ripple’s technical picture
On the 4-hour chart, XRP/USD is attempting to break above the sloping short-term trendline that coincides with psychological $0.2900. A successful recovery towards $0.30 will mitigate the immediate bearish pressure and set the stage for a more extended upside. SMA50 (4-hour) at $0.3018 may serve as a local resistance before a stronger barrier created by $0.3300-0.3340 area that includes SMA100 (4-hour).
Considering that both the Relative Strength Index and Momentum Indicator are flat, XRP is likely to continue moving within a range until new drivers pop in.
On the downside, a sustainable movement under $0.2900 will reinforce the long-term bearish trend with the next local aim at $0.2815 (Sunday’s low) followed by the psychological $0.2800. Once below, September’s low at $0.2690 and $0.2500 handle will come into focus.
XRP/USD, 4-hour chart
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