XRP/USD vulnerable to further losses once $0.29 is broken

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  • XRP/USD failed to return to the area above $0.30 amid bearish sentiments.
  • More downside to come once $0.29 cleared.

Ripple’s XRP has been moving in sync with the rest of the market lately. The coin has lost nearly 3% of its value since the beginning of Wednesday and tested waters below critical support area. At the time of writing, XRP/USD is changing hands at $0.29, marginally above the intraday low reached at $0.2891.

The coin has lost 16% since the beginning of the year and over 60% in recent 12 months amid the longest bear market in cryptocurrency history.

A sustainable move below $0.30 handle added dark colors to the technical picture. However, from the long-term point of view, XRP/USD is still moving within a long-term triangle pattern.  The lower boundary of the triangle at $0.2850 creates ultimate support that is likely to attract new buyers and trigger an upside correction.

On the upside, we need to see a recovery above SMA50 (1-hour) at $0.3036 and SMA100 (1-hour) at $0.3086 to mitigate an immediate bearish pressure and open up the way towards $0.3140 resistance created by the lower border of the previous range. A move above psychological $0.3200 will help to build a robust bullish momentum with the next aim at $0.33 and the recent high of $0.3390.

XRP/USD, 1-hour chart


 

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