Tanya Abrosimova
Independent Analyst
- 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
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