Tanya Abrosimova
Independent Analyst
- Ripple's XRP resumed the sell-off ahead of the European opening on Friday.
- A move above $0.1800 will mitigate the bearish pressure.
XRP/USD dropped below $0.1800 and touched the intraday low at $0/1784. At the time of writing, XRP/USD is changing hands at $0,1890, down 1% both on a day-to-day basis and since the start of Friday. Ripple's XRP is the fourth-largest digital asset with the current market value of $8 billion and an average daily trading volume of $1 billion.
XRP/USD: technical picture
On the intraday chart, XRP/USD struggles to return inside the Bollinger Band with its lower boundary located on approach to $0.1800. A sustainable move above this area will mitigate the initial bearish pressure and allow for an extended recovery in the middle of the recent consolidation range $0.1800-$0.1900. The next local resistance is created by 1-hour SMA100 at $0.1850, closely followed by 1-hour SMA200 at $0.1870. Those technical levels separates the coin from psychological $0.1900 that has been limiting the recovery since the end of the previous week.
On the downside, a failure to return above $0.1800 will attract more sellers to the market and push the price towards the intraday low of $0.1784. It is reinforced by the lower boundary of the daily Bollinger Band and the lowest level since May 10. Once it is out of the way, the next support of $0.1700 (23.6% Fibo retracement for the downside move from February 2020 high).
XRP/USD 1-hour chart
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