Ripple Price Analysis: XRP/USD hovers around crucial resistance of $0.2400

• Ripple’s coin attempted a recovery above the upper line of the current range.
• The intraday RSI implies that further upside may be limited.

Ripple’s XRP struggles to settle above $0.2400 amid global recovery on the cryptocurrency market. The third-largest digital asset has gained nearly 3% in recent 24 hours and touched the intraday high at $0.2429 before retreating to $0.2400.

XRP/USD: Technical picture

On the intraday charts, XRP/USD is hovering around the pivotal barrier of $0.2400, which is regarded as a key for the short-term direction of the coin. If the price manages to settle above this level by the end of the day, the upside momentum is likely to gain traction with the next focus on $0.2500 (SMA200 daily) and $0.2550 (SMA100 4-hour). A sustainable move above this area will result in an extended recovery towards $0.2700 (SMA200 4-hour) and $0.2800 (the broken neckline of a head-and-shoulder pattern.

However, considering the downside-looking RSI on 4-hour chart, the retreat back inside the previous range looks likely at this stage. If price slips below $0.2400, the coin may continue its range-bound pattern. 

XRP/USD 4-hour chart