Ripple Price Analysis: XRP/USD trapped in a range, the range narrows
|- XRP/USD is one of the most lethargic coins out of top-20.
- The price needs to clear iether $0.1700 or $0.1800 to bring excitement.
XRP/USD has stalled in a tight range limited by $0.1700 on the downside and $0.1800 on the upside. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of Thursday, moving in a tight channel with the short-term bullish bias amid high volatility. Ripple's XRP is the fourth largest digital asset with the current market value of $7.8 billion and an average daily trading volume of $1.11 billion.
XRP/USD: Technical picture
On the intraday chart, XRP/USD is staying close to the 1-hour SMA50 (currently at $0.1760). The local resistance is created by a combination of the middle line of the 1-hour Bollinger Band and 1-hour SMA100 at $0.1770). It is followed by 1-hour SMA200 at $0.1790 and psychological $0.1800 that has been limiting the recovery for the best part of the week. Once this barrier is out of the way, XRP/USD may jump towards $0.1850 ( the middle line of the daily Bollinger Band) and $0.1950. This is a stronger barrier created by a combination of daily SMA100 and SMA50.
XRP/USD 1-hour chart
On the downside, the initial support is created by the lower line of the daily Bollinger Band at $0.1720 and the psychological level of $0.1700. If the price moves bellow this area, the bearish pressure may increase with the next focus on $0.1691, which is the lowest level of the previous week. The RSI on a daily chart stays flat, close to the oversold level, which means, XRP is more likely to gain ground within the current range channel.
XRP/USD daily 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.