new sellers await XRP/USD on approach to $0.2000

  • XRP/USD movements have been limited by a tight range.
  • A move towards $0.2000 si likely to be sold-off.

XRP/USD has recovered from the intraday low of $0.1949 to trade at $0.1960 At the time of writing. The third-largest digital asset has been locked in a tight range for a couple of weeks with the upside limited by psychological $0.2000, while the downside guarded by $0.1900. A sustainable move in either direction will create a strong momentum that will define XRP’s fate for the nearest sessions.

Let’s have a closer look at the charts to find out what to expect next.

XRP/USD: Technical picture 

On the 1-hour chart, XRP/USD has returned above a local pivotal area created by a combination of 1-hour SMA50 and SMA100 at $0.1950. However, the upside momentum is too weak to generate a strong bullish move towards the next local barrier created by 1-hour SMA200 on approach to $0.1980. The RSI also stays flat on the neutral territory, which implies the price may stay range-bound around the current level during the nearest trading hours. 

XRP/USD 1-hour chart

The picture is similar on a larger time frame with the resistance at $0.1980 confirmed by 4-hour SMA50. A sustainable move above this area is needed for the upside to gain traction towards the above-mentioned channel resistance at $0.2000 reinforced by a combination of 4-hour SMA100 and the upper line of the 4-hour Bollinger Band located on approach. While the RSI on the 4-hour chart has started to reverse to the upside, the momentum is not strong enough to take the price outside the range. It means, that the attempts to break above $0.2000 are likely to result in a news sell-off towards the lower boundary of the channel.

XRP/USD 4-hour chart