- Ripple’s XRP moved below the critical support level of $0.2000.
- The short-term bias is bearish as long as the price stays below this line.
Ripple’s XRP is changing hands at $0.1973. The fourth-largest digital coin has lost over 1.5% in the recent 24 hours as bearish sentiments intensified after the price moved below the psychological $0.2000. XRP has the current market value of $8.7 billion and an average daily trading volume of $1.28 billion. The hit the recovery high at $0.2117 on July 9 and has been drifting lower ever since.
XRP/USD: Technical picture
Ripple’s recovery stalled the price failed to settle above $0.2050 on Monday and extended the decline below $0.2000 amid growing bearish sentiments across the cryptocurrency market. However, despite the decline, the price is still moving along the upside0looking 1-hour SMA200 (currently at $0.1968). This MA helped to tame the bears after a sharp sell-off on Monday when the price hit $0.1923 and swiftly returned above the said technical barrier.
A sustainable move above this area will worsen the short-term technical picture. The next bearish target is created by the lower line of the 1-hour Bollinger Band at $0.1940 and the psychological $0.1900. This area is likely to slow down the sell-off and allow for an upside correction.
On the upside, a sustainable move above $0.2000 is needed to improve the technical picture and bring the ultimate bullish target of $0.2100 back into focus. However, the barrier is reinforced by a combination of daily SMA100 and SMA50, which makes it a hard nut to crack. As we have previously reported, a sustainable move above $0.2100 will open up the way towards the recent recovery high at $0.2357 (April 30). This barrier separates us from the ultimate bullish goal of $0.2500.
XRP/USD 1-hour chart
