- XRP price recovered above DMA50 amid positive sentiments on the market.
- We will need to see a move above $0.3346.
XRP/USD returned to the area above DMA50 and touched $0.3210 low on Tuesday. The price retraced to $0.3150 since that time, though the overall trend remains positive.
XRP has gained over 2% of its value since this time on Tuesday, but it is still in a red zone and over 6% in recent seven days.
Looking technically, XRP is well-position for further recovery as long as it stays above $0.3138 (DMA50) and $0.3100 levels. A sustainable move lower will expose psychological $0.30, which is critical for the short-term bulls. Once it is cleared, the sell-off may continue with the next aim at $0.2876 (the lower border of the triangle pattern).
On the upside, the initial bulls’ target lies at $0.3200. It is followed by DMA100 at $0.3310 and the sloping trendline currently at $0.3346. A sustainable move higher will signal the breakthrough from a triangle pattern and the reversal of the trend.
In this case, the recovery may be extended towards $0.3783 (DMA200) and $0.4000.
XRP/USD, 1D chart
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