- Ripple has broken free from the recent range.
- XRP/USD needs to regain ground above $0.29 to mitigate the bearish pressure.
Ripple’s XRP broke free from the recent range, though, the coin’s supporters are not happy with the direction of the breakthrough. The price absorbed stops located below $0.2900 and slipped to $0.2765 in a matter of minutes. While the price has partially recovered the losses to trade at $0.2882, it is still more than 7% lower from the beginning of the day.
Let’s have a closer look at the technical picture for XRP/USD
Looking technically, a sustainable move below $0.2900 can be interpreted as a strong bearish signal. This barrier limited the price decline since the end of October; however, now that it is out of the way, thee sell-off may continue with the first aim at $0.2780 (a confluence of SMA50 (Simple Moving Average) and SMA100 daily, the middle line of the Bollinger Band daily). This area will serve as a buffer that separates XRP from an extended decline towards $0.2600.
On the upside, we will need to see a sustainable move above $0.2900 as soon as possible to negate an immediate bearish scenario and improve the technical picture. For the upside to gain traction, the coin needs to regain ground above $0.2974 (Wednesday’s low), while $0.3000 is the ultimate aim for XRP bulls.
XRP/USD, daily chart
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