Tanya Abrosimova
Independent Analyst
- XRP/USD bulls engineer a strong recovery.
- The next resistance awaits on approach to $0.2900.
Ripple’s XRP broke free from the long-term triangle pattern and hit $0.2860 during early Asian hours. The now the third-largest digital asset with the current market value of $12.2 billion has gained nearly 4% in recent 24 hours and became one of the best-performing altcoins out of top-10. At the time of writing, XRP/USD is changing hands at $0.2846.
Ripple’s XRP confluence levels
Looking technically, strong resistance is created by SMA5100 (Simple Moving Average) and the upper line of the Bollinger Band on a daily chart at $0.2870. This resistance has slowed down the recovery, for the time being, however, the upside momentum remains strong. Let’s have a closer look at the technical levels that may serve as resistance and support areas for the coin.
Resistance levels
$0,2870 - SMA100 daily, the upper line of daily Bollinger Band, Pivot Point one-day Resistance 2, the highest level of the previous week;
$0,3050 - Pivot Point one-week Resistance 2;
$0,3150 - Pivot Point one-month Resistance 1;
Support levels
$0,2800 - 23.6% Fibo retracement daily, the middle line of one-hour Bollinger Band SMA10 four hour chart;
$0,2650 - the lower line of four-hour Bollinger Band, 61.8% Fibo retracement weekly, 161.8% Fibo projection daily;
$0,2530 - the lowest level of the previous year.
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