- XRP/USD is little change on a daily basis, off the recent lows.
- Ripple needs to regain $0.3200 to improve technical picture.
XRP has bee dancing around $0.30 since the end of April. While the third largest cryptocurrency managed to recover from the recent low of $0.2974 touched on Monday, it is still caped by $0.3100 resistance level. Ripple’s current market value is registered at $12.8 billion, while an average daily trading volume has settled at $1.1 billion.
XRP’s technical picture
XRP/USD retains positive stance as long as it stays above $0.30 handle. A sustainable move lower will strengthen the short-term bears’ case and push the price towards the next critical barrier at $0.2870 (March 28 low). That’s where new buyers are likely to join the game and initiate a new recovery wave.
On the upside, we will need to see a strong move above $0.31 for the recovery to gain traction with the next focus on $0.3200 strengthened by DMA50 with 61.8% Fibo retracement located on marginally above this level. XRP/USD has been trading below DMA50 since the end of April, thus a sustainable move higher will improve the long-term technical picture.
XRP/USD, 1-day chart
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