- XRP/USD hovers around $0.1600, close to strong support on approach to $0.1570.
- The ultimate resistance comes at $0.2000, it is still out of reach.
XRP/USD has settled above $0.1600 on Tuesday. The third-largest digital asset with the current market value of $7 billion has gained over 6% in the recent 24 hours. While the upside momentum has stalled, the coin retains bullish bias.
XRP/USD: Technical picture
XRP/USD reached the bottom at $0.1449 on March 23 and has been recovering ever since. The coin is moving within a short-term bullish channel. The upside trend line is now at $0.1570. It coincides with SMA100 1-hour and serves as strong initial support for XRP. Once it is broken, the sell-off is likely to gain traction with the next focus on $0.1500 and the above-mentioned low of $0.1449. This barrier is likely to stop the bears for the time being as it has been tested on several occasions recently and proved to be strong enough to counter the sell-off. The next support is created by $0.1400 (March 18 low) and $0.1283 (March 16 low).
On the upside, the resistance is created by $0.1700 and reinforced by SMA100 4-hour at $0.1710. If it is cleared, the bullish momentum will gain traction and push the price outside the recent consolidation channel and open up the way to the major target of $0.2000.
XRP/USD 1-hour chart
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