XRP/USD retreats from $0.3000, retains long-term bullish potential

  • XRP/USD failed to hold the ground and retreated below $0.2900.
  • The coin looks strong as long as it stays above SMA100 daily.

Ripple’s XRP peaked at $0.2995. The bulls stopped within a whisker of critical $0.30 and lost the initiative amid changing sentiments on the cryptocurrency market.  At the time of writing, XRP/USD is changing hands at $0.2880, down over 2% on a day-on-day basis and unchanged since the beginning of the day.

XRP/USD, the long-term technical picture

Looking technically, XRP/USD is still trading above SMA100 (Simple Moving Average) on a daily chart (currently at $0.2845), which is considered as a positive signal. If it is broken, the sell-off may be extended towards $0.2700 strengthened by the recently broken upper boundary of the wedge along with the upside-looking trendline from the recent low of $0.2280. This area is likely to stop the downside correction and trigger a new bullish wave that will take the price back towards $0.30.

On the upside, a sustainable one above $0.2900 will bring the recovery back on track and open up the way towards the upper line of a Bollinger Band on a daily chart ($0.2980) closely followed by psychological $0.3000.

XRP/USD, daily chart


 

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