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  • XRP/USD recovery is gaining momentum.
  • The long-term resistance lies at $0.50.

XRP/USD has gained nearly 6% in the recent 24 hours to trade at $0.3800 by press time. The second largest cryptocurrency with a market value of $15.1 touched $0.3461 on Tuesday and had been recovering ever since.  

Ripple’s technical picture

From the long-term point of view, XRP/USD is capped by a psychological $0.40, which is followed by $0.4260 (DMA100). Once this area is cleared, a strong resistance created by DMA50 at $0.4600 will come into view. The price will need to overcome this hurdle before we can hope for a move towards psychological $0.50 and $0.52 (the upper border of the recent channel).  

The Relative Strength Index (RSI) is reversing from the oversold territory, which improves the technical picture and implies that more upside may be in store.

On the downside, the nearest resistance is created by a confluence of technical levels clustered on approach to $0.3700. They include DMA5, previous month low and previous hour low. Once this barrier is out the way, the sell-off may be extended towards strong support at $0.33 and to the recent low of $0.3237.

XRP/USD, the daily chart