- Ripple’s coin has recovered from the recent lows, but the recovery is limited.
- The bearish trend remains dominant as long as XRP stays below $0.2600.
Ripple’s XRP, the third-largest digital asset with the current market capitalization of $10.8 billion, has recovered from the intraday low of $0.2211 and settled at $0.2530 by the time of writing. Despite the recovery, XRP/USD stays down 1.4% on a day-on-day basis.
XRP/USD stopped within a whisker of $0.2500, which is the lower boundary of the mid-term channel. This barrier is strengthened by the lower line of the four-hour Bollinger Band. Once it is broken, the upside is likely to gain traction with the next focus on $0.2470 (September 6 low and the lower line of one-day Bollinger Band). The next support awaits us on approach to $0.2400, which is the lowest level in a month.
On the upside, the initial resistance is created by $0.2540. It is created by the short-term sloping trend-line. A sustainable move below this handle will improve the technical picture and allow for further recovery towards $0.2600. This is the upper border of the recent consolidation channel coupled with the middle line of one-day Bollinger Band. However, SMA100 (Simple Moving Average) and SMA200 on one-hour timeframe might slow down the upside momentum and push the price back towards the recent support level.