Ripple price analysis: XRP/USD takes off from recent lows, bulls get a glimpse of hope

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  • XRP regained ground above critical $0.2700 level.
  • The long-term trend remains bearish as long as the price stays below $0.4950.

XRP is changing hands at $0.2724 at the time of writing. The third largest digital coin has recovered from Tuesday’s low at $0.2490 and gained over 5% in the recent 24 hours.  XRP is responsive to the positive change of sentiments in the market, which makes further recovery more likely. Currently, Ripple’s cryptocurrency has a market value of $10.8B and an average daily trading volume of $291M.

XRP’s technical picture

XRP/USD has regained the ground above $0.2700 handle, which make the short-term technical picture a bit brighter. What’s more, the price has settled above both SMA50 and SMA100 (1-hour chart) and now aims at $0.2800 handle with SMA200 marginally above it. If it is cleared the upside may be extended towards $1.2870 (23.6% Fibo retracement weekly); however, the coin has to move above $0.30 before we can call this recovery sustainable. From the longer-term point of view, XRP/USD continues moving within the downside channel as long as it stays under the sloping trendline (currently at $0.4950).

On the downside, the support is created by psychological $0.2700, strengthened by SMA100 (1-hour chart). It is followed by $0.2634 (SMA50) and $0.2600.Ultimate support is produced by $0.2500 – this handle stopped XRP/’s free fall and served as the base ground for recovery.

XRP/USD, 1-hour chart

XRP/USD, daily chart

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