Ripple Price Analysis: XRP/USD settles above $0.2200, targets daily SMA200
|- Ripple's XRP has been growing strongly since Tuesday.
- A sustainable move above $0.2200 opens up the way towards daily SMA200.
XRP/USD increased by over 5% in the recent 24 hours and tested $0.2250, the highest level since the beginning of March. At the time of writing, the coin is changing hands at $0.2230 amid strong bullish bias.
XRP/USD: Technical picture
From the technical point of view, XRP/USD cleared an important resistance created by daily SMA100 at $0.2170. Now it serves as local support that may limit the downside correction of the coin. If this level is broken, the sell-off may continue towards $0.2030 reinforced by 23.6% Fibo retracement for the downside move from February 2020 high, and psychological $0.2000.
On the upside, if XRP/USD settles above $0.2230, the recovery will gain traction with the next focus on daily SMA200 at $0.2290, closely followed by a psychological $0.2300.
XRP/USD daily chart
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