Search ForexCrunch

XRP/USD bulls stumbled on approach to $0.2800.
The initial support is created by  the lower line of the one-hour Bollinger Band.

Ripple’s XRP is changing hands at $0.2774, staying close to the intraday high. The third digital asset has gained over 2.6% of its value in the recent 24 hours amid slow recovery on the cryptocurrency market after a sharp sell-off earlier this week. Ripple’s market value has settled at $12.0 billion, while an average daily trading volume is registered at $1.5 billion, according to CoinMarketCap’s data.  

Ripple’s XRP confluence levels  

Looking technically, the recovery is capped by SMA100 (Simple Moving Average) on a daily chart currently at $0.2800.  XRP bulls will have to clear this barrier to neutralise sellers and create favorable conditions for further recovery. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.

Resistance levels

$0,2800 – SMA100 daily, the highest level of the previous day and the upper line of one-hour Bollinger Band;
$0,2850 – SMA100 one-hour, 61.8$ Fibo retracement monthly;
$0,2950 – 23.6% Fibo retracement weekly.

Support levels

$0.2730 – 61.8% Fibo retracement daily, the lower line of one-hour Bollinger Band;
$0.2600 – 38.2% Fibo retracement monthly;  
$0,2600 – the lower line of a Bollinger Band on a daily chart, 161.8% Fibo projection weekly, the lowest level of the previous year.

fxstreet original