Tanya Abrosimova
Independent Analyst
Ripple's XRP is down 3% since the start of the day. The coin has resumed the decline after a prolonged period of range-bound trading in a narrow channel with the lower boundary created by the daily SMA100. At the time of writing, XRP/USD is changing hands at $0.1911 moving within a short-term bearish trend.
XRP/USD: Technical picture
From the technical point of view, a sustainable move below the daily SMA100 at $0/1965 created a strong bullish impulse and pushed the price towards the intraday low of $0.1884. However, a wall of stop-orders clustered around the psychological $0.1900, helped to trigger the recovery. However, we will need to see a sustainable move above at least $0.1940 ( the lower line of the 1-hour Bollinger Band) to mitigate the immediate bearish pressure and allow for the recovery towards the next barrier created by the daily SMA100 and the lower boundary of the recent consolidation channel at $0.1965.
XRP/USD 1-hour chart
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On the downside, once $0.1900 is out of the way, the price may retest the intraday low of $0.1884 and extend the decline towards $0.1800. Both daily and intraday RSIs point to the downside, which means the bearish momentum is not exhausted yet.
XRP/USD daily chart
-637304814419380082.png)
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