Ripple Price Analysis: XRP/USD climbs back above $0.3000, bulls struggle to regain control
|- Ripple's XRP is the best-performing coin out of top-20.
- The local resistance is created by the upper line of 1-hour BB.
Ripple's XRP has recovered above $0.30 after a dip to $0.2839 during early Asian hours. The coin has gained over 5% since the start of the day and 3% in the recent 24 hours. The weekly gains amounted to 38%, which is the best result in top-20 coins. XRP takes the third position in the global cryptocurrency market rating with the current market capitalization of $13 billion and an average daily trading volume of $3.77 billion.
XRP/USD: Technical picture
XRP/USD recovered from the intraday low of $0.2839, though it is still well below the Sunday's high of $0.3258. The local resistance is created by the upper line of the 1-hour Bollinger Band at $0.3030. A sustainable move above this area is needed for the upside to gain traction. Once it is out of the way, $0.3050 followed by $0.3100 will come into focus. Considering the upward-looking RSI, the bullish scenario looks likely at this stage.
On the downside, the support is created by $0.2900 ( the middle line of the 1-hour Bollinger Band). It is followed by 1-hour SMA50 at $0.2860 that has been limiting the decline since the end of July. The short-term trend stays bullish as long as the price is above this technical barrier.
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.