- XRP/USD clawed back some ground, but the short-term trend remains bearish.
- The first strong is created on approach to $0.2700.
Ripple’s XRP, the third-largest digital asset with the current market value of $10.4 billion lost about 2% of its value in recent 24 hours. The coin managed to recover from Thursday’s low of $0.2280; however, the upside momentum has been limited so far. At the time of writing, XRP/USD is changing hands at $0.2423, moving within a short-term bearish trend amid decreasing market volatility.
XRP’s technical picture
Looking technically, a move above $0.2400 mitigated the initial bearish pressure; however, we will need to see a move above $0.2500 – $0.2520 for the recovery to gain traction. This area is strengthened by SMA100 (Simple Moving Average) on the one-hour chart. once it is cleared, the upside may be extended towards $0.2700. This strong barrier is created by a confluence of technical indicators, including SMA200 and SMA50 four-hour, and the upper line of four-hour Bollinger Band.
On the downside, the support is created by $0.2400. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the lower line of one-hour Bollinger Band at $0.2350 followed by psychological $0.2300 and an intraday low of $0.2280.
XRP/USD, one-hour chart
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