- Ripple’s coin has recovered some ground after a strong sell-off during early Asian hours.
- The short-term recovery may be limited by the resistance area on approach to $0.32.
Ripple’s XRP dropped below $0.30 handle and touched an intraday low at $0.2946. However, since that time, the coin managed to stage a strong recovery to trade above $0.3100 at the time of writing. XRP/USD is still down over 6% on a day-on-day basis, though the coin has gained regained 3% of its value since the beginning of Monday trading.
Ripple’s technical picture
On the intraday charts, XRP/USD bulls have hit a brick wall at $0.3170. This barrier has been limiting the coin’s recovery since Sunday. Once it is out of the way, the upside momentum will gain traction with the next focus on $0.32 followed by SMA200 (Simple Moving Average) on 15-min chart and SMA50 on 1-hour chart at $0.3240.
Meanwhile, it is worth noting that the short-term RSI (the Relative Strength Index) has reversed to the downside, which means we may see another leg down towards $0.31 and $0.3090 (SMA50 15-min) before the recovery is resumed.
If the above0said support area is broken, the sell-off may gain traction and push the price towards a critical $0.30, followed by the recent low of $0.2946.