fxs_header_sponsor_anchor

Ripple price analysis: XRP/USD bulls have their say

  • XRP/USD sees a strong upside momentum that pushes the coin towards critical resistance.
  • Bulls run into a strong resistance created by DMA50.

XRP/USD is one of the growth leaders of the day. The third largest coin with the current market value of $17.7 billion has recovered from the intraday low under $0.39 handle to trade above $0.41 by the time of writing. XRP/USD has gained over 5% of its value since the beginning of Monday trading amid strong bullish momentum.

Ripple has enjoyed a series of strategic partnership deals with such heavyweights as MoneyGram. Also, recently, it has become known, that Bank of America/Merrill Lynch is allegedly going to work with Ripple as members of the "RippleNet Advisory Board." 

Looking technically, XRP/USD is attempting to settle above 0.4120 barrier, created by the 50% Fibonacci retracement of the latest decline. Once it is out of the way, the XRP's recovery may be extended towards $0.4170 resistance created by Simple Moving Average (SMA50) on a daily chart. This barrier is followed by psychological $0.42 with the intraday high located on approach ($0.4196). 

On the downside, A strong barrier lies with $0.40. Once it is cleared, the sell-off is likely to gain traction with the next focus on the intraday low of $0.3895.

XRP/USD, 1-day chart

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.