- Ripple’s coin has been moving in a tight range recently.
- XRP/USD bulls need to clear $0.3200 to increase the upside momentum.
Ripple’s XRP hit the intraday low at $0.3060 and recovered towards $0.3100 by the time of writing. While the upside momentum seems to be weak, a sustainable move above this barrier will improve the short-term technical picture of the third largest coin.
At this stage, Ripple’s market capitalization is registered at $13.2 billion, mostly unchanged in recent 24 hours. The coin has been sitting in a tight range since the strong sell-off on July 27.
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Ripple’s technical picture
On the intraday charts, XRP/USD bulls have to take the price above $0.3100-$0.3120 area to build an additional upside momentum. This resistance zone includes SMA100 (Simple Moving Average) and the upper line of Bollinger Bands on the 1-hour chart. We will need to see a sustainable move above this area for the upside to gain traction with the next focus on $0.3180 (the upper line of 4-hour Bollinger Band) followed by psychological $$.3200.
On the downside, the initial support comes at $0.3050 (the lower line of 1-hour Bollinger Band, intraday low), followed psychological $0.30. This area creates a strong barrier and might stop the bears for the time being; however, a sustainable move lower will extend the sell-off towards $0.2834 the lowest level since July 16.
XRP/USD, 1-hour chart
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