Ripple price analysis: XRP/USD back below $0.32, locked in the range
|- Ripple's coin has been unable to develop the upside momentum above $0.33.
- XRP/USD bears stopped on approach to a strong support area at $0.3170.
Ripple's XRP touched the area above $0.33 on Monday, but failed to hold the ground and retreated quickly towards $0.3200 by the time of writing. The third-largest digital asset with the current market value of $13.8 billion has stayed mostly unchanged both on a day-on-day basis and since the beginning of Tuesday. The coin has returned to the tight range that limited its movements during the previous week.
Ripple's technical picture
Monday's double-top pattern on the 1-hour chart was not confirmed. Moreover, the price used the neckline as a jumping-off ground to spike above $0.33 area. However, the growth proved to be unsustainable as XRP quickly lost the gained ground and extended the decline.
On the intraday charts, XRP/USD has recovered from the support area $0.3160-$0.3170 created by a confluence of strong technical indicators including SMA100 (Simple Moving Average) and the lower line of the Bollinger Band on 1-hour chart, SMA50 and SMA100 4-hour. The next upside barrier awaits us on approach to psychological $0.3200 strengthened by SMA50 1-hour. It is closely followed by the middle line of 1-hour Bollinger Band at $0.3235 and the upper line of 4-hour Bollinger Band at $0.3270.
On the downside, a sustainable move below $0.3170 will increase the bearish pressure and push the price towards the lower boundary of the recent consolidation channel $0.31 strengthened by the lower line of 4-hour Bollinger Band.
XRP/USD, 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.