- XRP/USD has moved into a new range as the upside momentum faded away.
- The next strong resistance is created by $0.02600.
Ripple’s XRP catapulted from under $0.2400 to $0.2580 in a matter of hours. At the time of writing, XRP/USD is changing hands at $0.2550 with over 6% of gains since the beginning of the day. The coin has been dozing in a tight range for the past several days, however, not it is one of the best-performing altcoins out of top-20.
XRP/USD, the short-term technical picture
After a strong upside movement on Monday, Ripple’s XRP has settled in a range limited by $0.2610 on the upside and $0.2520 on the downside. The upper boundary of the channel is strengthened by the upper line of one-hour Bollinger Band and SMA200 (Simple Moving Average) four hour. This barrier has been holding the recovery since Monday, so we will need to see a sustainable move i=higher for the upside to gain traction. for the upside to gain traction with the next focus on $0.2660 (the upper line of four-hour Bollinger Band) and psychological $0.2700.
On the downside, once below $0.2500, the sell-off will continue towards $0.2460 (SMA50 four-hour and the middle line of four-hour Bollinger Band). The next strong support awaits us on approach to $0.2350 (Monday’s low).
XRP/USD, four-hour chart
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