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Ripple’s XRP lacks momentum to take off from $0.3700

  • XRP/USD has recovered  from Sunday’s lows, but the upside momentum is weak.
  • The bulls need to take the price at least above $0.40.

XRP/USD is doing well when compared to its closest rivals. The coin has lost 25% of its value during the previous week, while both Bitcoin and Ethereum plunged over 30%. The second largest coin with current market value is changing hands at $0.3700, off Sunday’s low reached at $0.3237.

Ripple’s technical picture

From the long-term point of view, XRP/USD is moving within a triangle pattern, limited by $0.33 on the downside and $0,53 on the upside. A sustainable break in either direction will define XRP’s future for the next weeks and. possibly, months. In case of bearish breakthrough, XRP/USD will pivot towards $0.2514, the recent low, tested twice 0 in August and in September. This support level creates the lower border of the long-term channel; most likely, it will attract new buyers and serve as a good jumping-off ground for a new recovery wave.

On the upside, a sustainable move above $0.53, will set the stage for an extended growth towards the long-term target of $0.70 created by the upper border of the range observed since May 2018 and guarded by SMA50 weekly.

From the shorter-term perspective, the recovery may be capped by the psychological $0.40 and DMA100 at $0.4250. Another strong hurdle is created by a confluence of DMA100 and DMA200 at $0.4630-$0.4680 range.

XRP/USD, the daily chart

Source: fxstreet


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