Market Overview

XRP/USD On Full Throttle Amid Stalling Cryptocurrency Prices

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XRP/USD On Full Throttle Amid Stalling Cryptocurrency Prices
  • Ripple heads towards $0.50 supported by positive sentiments and strong technical levels.
  • Overwhelming bullish pressure is expected on breaking above the critical $0.482 hurdle.

Ripple continues to form a higher high pattern while bouncing off a rising trendline. Recently, the support at $0.3900 allowed the bulls to regain control following a correction from the 2019 high around $0.482.

Jumping above $0.4000 during the weekend trading launched XRP/USD into a trajectory spiking past several key resistance levels that have since turned into support areas at $0.42, $0.43, $0.4400. Further gains sent XRP above the 61.8% Fib retracement level between the last drop from $0.482 to a low around $0.3916.

Ripple’s unstoppable move stepped above $0.4600 before reversing at a new weekly high at $0.4627. A correction from this high has found support at the 61.8% Fin level, coinciding with the trendline and supported by the 50 Simple Moving Average (SMA).

Technically Ripple is poised for a further upside correction. The RSI is seen gradually revamping direction upwards while the MACD stays in the positive region. Overwhelming bullish pressure is expected on breaking above the critical $0.482 hurdle.

XRP/USD 1-h chart

Image Sourced From Pixabay

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

 

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