- Ripple’s XRP locked in a tight range with a bearish bias.
- A strong move above $0.20 is needed to improve the technical picture.
Ripple’s XRP has been losing ground slowly. The third-largest asset with the current market value of $8.18 billion is rangebound with bearish bias during quiet holiday trading.
Ripple’s XRP slips under $0.19
At the time of writing, XRP/USD is changing hands at $0.1880, mostly both unchanged since the beginning of Friday and in recent 24 hours. Ripple’s coin has recovered from December 18 low of $0.1725; however, the further recovery seems to be limited by a psychological barrier $0.20.
XRP/USD: technical picture
On the intraday charts, the RSI (Relative Strength Index) stays on the neutral territory and points slightly upwards, which means that XRP/USD may recover towards the upper boundary of the recent consolidation range at $0.1950. We will need to see a sustainable move above this handle for the upside to gain traction with the ultimate short-term aim at $0.2000. XRP/USD has been trading below this handle since December 17. SMA100 (Simple Moving Average) 4-hour located on the approach to this resistance is likely to limit the upside potential during light holiday trading.
On the downside, the local support is created by December 25 low of $0.1865. It is reinforced by the lower line of the 4-hour Bollinger Band. Once it is out of the way, the sell is likely to gain traction with the next focus on $0.1800 and the recent low of $0.1725.
XRP/USD 4-hour chart