Ripple Price Analysis: XRP/USD recovery on the way, once it clears daily SMA200
|- The recovery of the third-largest digital asset is limited by daily SMA200.
- An upward-looking RSI implies that the bullish trend may gain traction.
XRP/USD has recovered from the intraday low of $0.2099 to trade at $0.2145 by press time. The coin has gained 1.3% since the beginning of Thursday, though it is still 2.5% lower from this time on Wednesday. Ripple’s XRP has been moving in sync with the market, influenced by general sentiments and technical factors. Now it is the third-largest digital coin with the current market value of $9.4 billion and an average daily trading volume of $2.2 billion.
XRP/USD: Technical picture
On a daily chart, XRP’s recovery is limited by SMA100 currently at $0.2160. This resistance is also strengthened by 1-hour SMA100 and SMA50. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2200 and $0.2260, reinforced by daily SMA200. This MA capped XRP upside momentum since the end of April. If it is cleared, a psychological $0.2300 will come into view, followed by $0.2357, which is the highest level of the previous month. Considering the upward-looking RSI on a daily chart, the upside momentum may gain traction.
XRP/USD daily chart
On the downside, the initial support area is created by $0.2120-0.2100, which includes the lower line of the 1-hour Bollinger Band and the intraday low. A sustainable move below this area will increase the downside pressure and push the price towards $0.2030. This barrier is created by 38.2% Fibo retracement for the downside move from February 2020 high and the lower line of the daily Bollinger Band.
XRP/USD 1-hour chart
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