XRP/USD dozes in a range, recovery limited by $0.2700

Fibo Quantum

  • Ripple’s coin has recovered from the recent lows, but the upside is limited.
  • The bearish trend remains dominant for XRP.

Ripple’s XRP, the third-largest digital asset with the current market capitalization of $11.5 billion, has been moving within a tight range recently. The coin has recovered from the intraday low of $0.2660 to trade at $0.2686 at the time of writing.  The short-term trend remains bearish as the recovery is limited by $0.2700 handle. Notably, XRP/USD has lost 1.3% on a day-on-day basis and nearly 3.5% on a week-on-week basis. 

Ripple’s technical picture

XRP/USD recovered from $0.2390 low reached on August 14; however, the recovery momentum faded away on approach to $0.2800. The coin attempted to clear this barrier on Monday, but the upside failed to gain traction. The middle line of 1-day Bollinger Band located on the approach to the above-said level creates an additional barrier for the bulls. We will need to see a sustainable move above this handle and proceed towards the next resistance zone created by psychological $0.30 and $0.3045 (SMA50 (Simple Moving Average) daily chart).

On the downside, the local support is created by $0.2600. It is closely followed by $0.2580 (the lowest level since August 21) and $0.2500 ( the lower line of 1-day Bollinger Band). A sustainable move below this handle will open up the way towards August 14 of $0.2392 and psychological $0.2300.

XRP/USD, daily chart