Market Overview

XRP/USD Could Soon Blast Through $0.47 Resistance

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XRP/USD Could Soon Blast Through $0.47 Resistance
  • Ripple has shown resilience over the past four weeks breaking barriers to the upside.
  • The MACD divergence shows that the buyers will continue to gain traction in the short-term.

Ripple is trading in the green on Thursday. The gains come after the digital asset found support at $0.42 amid the rising volatility in the cryptocurrency market. Ripple has shown resilience over the past four weeks breaking barriers to the upside. The short-term target is set at $0.50, however. $0.47 is a key seller congestion zone.

A glance at the chart, we see the price sustaining an uptrend above the ascending trendline. Similarly, the up trending market has stayed above the 100 Simple Moving Average (SMA) for the past three days. Meanwhile, XRP/USD is dancing with $0.46 while fighting to break above the first resistance at $0.47. A correction above this critical level will come face to face with the resistance at $0.50.

For now, the prevailing trend is bullish in addition to the building upward momentum. Supporting the momentum is the Moving Average Convergence Divergence (MACD) at +0.0057. The increasing divergence shows that the buyers will continue to gain traction in the short-term. This also means that a correction above $0.47 is likely with $0.50 being a short-term target.

XRP/USD 1-hour chart

xrp-636948194943151826.png

Image sourced from Pixabay

Posted-In: crypto marketCryptocurrency News Eurozone Forex Global Markets General

 

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