Ripple Price Analysis: XRP/USD escapes the range, targets $0.1900
|- XRP/USD ha broken free from a tight range, bulls rejoice.
- The recovery may be extended to a psychological $0.1900.
XRP/USD has jumped above $0.1800 and hit the intraday high at $0.1831 amid strong bullish sentiments. While the price retreated to $0/1824 by the time of writing, the upside momentum remains strong and may result in XRP/USD move towards the critical resistance created by $0.1900. Ripple's XRP is the fourth largest digital asset with the current market value of $8 billion and an average daily trading volume of $1.11 billion. The coin has gained about 3% of its value both on a day-to-day basis and since the beginning of the day.
XRP/USD: Technical picture
On the intraday chart, XRP/USD demonstrates a steep increase. The price moved outside the Bollinger Band (BB) on 1-hour chart, which means XRP may be vulnerable to the downside correction towards at least $0.1800. If this support gives way, the sell-off may be extended to $0.1780-$0.1760. This narrow zone includes 1-hour SMA50, SMA100 and SMA200 as well as the middle line of the 1-hour Bollinger Band. Most likely, it will slow down the bears and create a condition for another bullish wave.
The RSI on 1-hour chart stays on the overbought territory; however, it still points upwards, which means, XRP/USD may retest another intraday high before the downside correction begins.
XRP/USD 1-hour chart
On the upside, strong resistance is created by $0.1900. This psychological barrier served as strong support in the middle and in the end of June. Now it has the potential to stop the recovery. Moreover, 4-hour SMA200 is located on the approach to this level. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.1988, the highest level since June 17.
XRP/USD 4-hour chart
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