Ripple market update: XRP/USD bears set eyes on $0.2600

Ripple’s XRP, the third largest digital asset with the current market value of $11.3 billion has been retreating from the recent highs amid global sell-off on the cryptocurrency market. The coin has lost over 2% in recent 24 hours to trade at $0.2674 at the time of writing. On the intraday level XRP/USD is range-bound with a bearish bias.

XRP’s technical picture

Looking technically, the psychological $0.2700 now serves as a resistance level for XRP. We will need to see a sustainable move above this handle to mitigate the initial pressure and allow for the upside to gain traction with the next focus on $0.2740 strengthened by SMA50 (Simple Moving Average) on one-hour chart. The next barrier awaits the bulls on approach to $0.2800. This area is likely to limit the recovery and trigger a new wave of sell-offs.

On the downside, XRP/USD is supported by psychological $0.2600 with the lower line of one-hour Bollinger Band located above this level. This barrier will to slow down the sell-off; however, once it is out of the way, the downside pressure may intensify and push the price towards $0.2350  the lower boundary of the daily Bollinger Band.

XRP/USD, one-hour chart