Ripple Price Analysis: XRP/USD moves above the broken trend line
|- XRP/USD has returned to the area above the short-term trendline.
- The next pivotal resistance is created by $0.2100.
Ripple’s XRP recovered from the intraday low of $0.2008 to trade at $0.2050 by the time of writing. Despite the upside momentum, the coin is still 1.3% lower from this time on Monday and mostly unchanged since the beginning of the day. Its current market capitalization is $8.9 billion and an average daily trading volume of $1.9 billion. The coin has been trading within a short-term bearish bias amid low volatility.
XRP/USD: Technical picture
On the intraday chart, XRP/USD moved to the area above the upside trendline, which is a positive development in the short run. Now this line serves as initial support at $0.240. Once it is broken, the sell-off is likely to gain traction with the next focus on $0.2030 reinforced by 1-hour SMA50 and the middle line of the 1-hour Bollinger Band. This barrier is followed by the psychological $0.2000 with 1-hour SMA100 and the lower line of the 1-hour Bollinger Band located on approach.
XRP/USD 1-hour chart
On the upside, a sustainable move above Monday’s high of $0.2080 is needed for the upside to gain traction. The next strong barrier is created by the pivotal $0.2100 with daily SMA100 and the middle line of the daily Bollinger Band. If it is cleared, the next resistance $0.2200 will come into focus. It is reinforced by daily SMA200. XRP/USD has been trading below this MA since the end of February, which means that the bulls may have a hard time moving higher.
XRP/USD daily 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.