Price analysis of undulations: the XRP / USD takes off from recent lows, the bulls give a taste of hope

  • The XRP has regained ground above the critical level of $ 0.2700.
  • The long-term trend remains bearish as long as the price remains below $ 0.4950.

The XRP is changing hands at $ 0.2724 at the time of writing. The third largest digital currency recovered from Tuesday's low to $ 0.2490 and gained over 5% in the last 24 hours. The XRP is sensitive to the positive change in sentiment in the market, which makes further recovery more likely. Currently, Ripple's cryptocurrency has a market value of $ 10.8 billion and an average daily trading volume of $ 291 million.

The technical picture XRP

XRP / USD has regained the ground above $ 0.2700 of handles, which make the technical picture in the short term a little brighter. In addition, the price has stabilized above SMA50 and SMA100 (1 hour chart) and now points to $ 0.2800 with SMA200 marginally above it. If it is zeroed, the upside can be extended to $ 1.2870 (Fibo retracement of 23.6% weekly); however, the currency must pass over $ 0.30 before it can call this sustainable recovery. From a long-term perspective, the XRP / USD continues to move within the bearish channel as long as it remains below the uptrend line (currently at $ 0.4950).

On the downside, support is created from $ 0.2700 psychological strengthened by SMA100 (1 hour chart). It follows $ 0.2634 (SMA50) and $ 0.2600. The updated support is produced by $ 0.2500: this handle has stopped the free fall of XRP / and has served as a basis for recovery.

XRP / USD, 1 hour chart

XRP / USD, daily chart

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