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- XRP / USD recovery is limited by $ 0.31.
- The coin is doing better than the other best coins.
The XRP / USD yielded below the $ 0.30 handle to trade at $ 0.2988 during the early Asian hours. The second largest coin with a market capitalization of $ 12.2 is relatively stable, despite a disappointing move under critical support. The XRP / USD has been declining by 1.7% in the last 24 hours and unchanged from the start of Friday, which compares favorably with most of the other top-20 currencies.
It is worth noting that XRP has concentrated around $ 0.30 from the start of the week as traders tend to buy dips towards the $ 0.29 support. The currency has lost more than 40% of its value in the last 30 days, but it is still far from its recent minimum hit at $ 0.2560 in mid-September.
The technical framework of Ripple
On the 4-hour chart, XRP / USD stays within range, supported by the lower limit of $ 0.2900. This support area could serve as a starting point for a more sustainable recovery, provided that the general feelings towards cryptocurrency assets become more positive. A sustainable movement below this handle will send prices towards $ 0.2500 and $ 0.2290.
On the positive side, local resistance is created by $ 0.30, which separates us from a more significant barrier at $ 0.3080- $ 0.31. It is created by a confluence of SMA50 (4 hours), an inclined short-term trend line and a psychological resistance. This will be a tough one to break for the bulls and, considering the downward prejudice of the Relative Strength Index, we will not see a turning point soon.
XRP / USD, 4-hour chart
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