- XRP/USD is locked inside an upward-looking channel.
- A sustainable move above $0.3000 is needed to improve the technical picture.
Ripple’s XRP is changing hands at $0.2930. The third-largest digital asset with the current market value of $12.6 has gained 2.3% and lost 1.8% since the beginning of the day.
XRP/USD: Technical picture
XRP/USD is moving within an upside channel created by SMA100 and SMA50 on 4-hour chart. While this development creates a positive intraday setup, the bullish momentum needs to gain traction for a sustainable recovery above the critical resistance created by $0.3000. This psychological barrier is reinforced by the above-said SMA50 on a 4-hour chart. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.3100 ( the upper line of 4-hour Bollinger Band) and, ultimately, $0.3300 (the upper line of the daily Bollinger Band).
On the downside, the initial support is created by SMA100 4-hour at $0.2870. This upward-looking SMA served as a backstop for XRP since February 17. If it is broken, the sell-off may continue towards $0.2820 ( the middle line of the daily Bollinger Band) and $0.2740 ( the lower line of 4-hour Bollinger Band) and $0.2600. This important barrier is supported by SMA200 4-hour. Most likely, it will stop the decline and help to build another bullish momentum. However, a move lower will worsen XRP’s technical picture and bring more sellers to the market.
In the long-run, XRP/USD retains positive bias as long as it stays above $0.2550. This support area is created by SMA200 daily. Also, this area served as a strong resistance in the middle of January.
Intraday RSI stays flat in a neutral position which means that the coin may continue moving in a range in the short-run. On a daily chart, RSI exited from an overbought territory and settled at 57, which is also a neutral figure.
XRP/USD 4-hour chart
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