Ripple's Price Analysis: XRP/USD settles above $0.1700, bullish sort-term trend confirmed
|- XRP/USD is bullish as long as it stays above $0.1700.
- The critical local resistance is created by Saturday's high at $0.1800.
Ripple's XRP is one of the best-performing coins out of top-10. The coin has gained over 2% on a day-to-day basis and settled above technically important $0.1700 despite bearish sentiments on the market. At the time of writing, XRP/USD is changing hands at $0.1730. Ripple's market capitalization reached $7.6 billion, while average daily trading volumes settled at $2.2 billion.
XRP/USD: Technical picture
On the intraday charts, XRP/USD is moving within a short-term bullish trend with the initial critical support at $0.1700. This barrier is reinforced by the upside trend line on the 1-hour chart and the lower line of the 1-hour Bollinger Band. If it is broken, the sell-off may gain traction and bring $0.1760-$0.1670. This area served as a support area and stopped the decline on Saturday. Also, it blocks the way to a critical $0.1600.
On the upside, the local resistance is created by the middle line of the 1-hour Bollinger Band at $0.1740. It is closely followed by the upper line of the same Bollinger Band at $0.1770 and psychological $0.1800 coupled with Saturday high ($0.1803). A sustainable move above this level is needed for the upside to gain traction with the next short-term target at $0.1886 (March 27 high) and $0.1900.
XRP/USD 1-hour 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.