Tanya Abrosimova
Independent Analyst
- RIpple is on the recovery mode, but the upside is limited by daily SMA200.
- The support is created by 38.2% Fibo retracement.
Ripple’s XRP is changing hands marginally above $0.2200 after short-lived move towards the intraday high of $0.2225 during early European hours. The third-largest digital asset has gained over 2% in the recent 24 hours and 1.65% since the beginning of the day. XRP is moving within a short-term bullish trend in sync with the cryptocurrency market. Ripple’s market capitalization increased to $9.7 billion, while an average daily trading volume settled at $2.0 billion.
XRP/USD: Technical picture
XRP/USD settled above the daily SMA100 at $0.2165, which is a positive signal for XXRP bulls. However, further recovery is limited by SMA200 at $0.2265. This area has served as a strong resistance since April 29. Once this barrier is out of the way, the upside momentum will gain traction with the next focus on psychological $0.23, followed by the upper line of the daily Bollinger Band and 50% Fibo retracement for the downside move from February 2020 high on approach to $0.2360.
On the downside, if the price fails to settle above daily SMA100, the bearish pressure will increase with the next support created by $0.2100, followed by 38.2% Fibo retracement for the downside move from February 2020 high at $0.2030 and pivotal $0.2000.
XRP/USD daily chart
-637243678185440558.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Avalanche rallies following launch of incentive program for developers
Avalanche announced the launch of Retro9000 on Thursday as part of its larger Avalanche9000 upgrade. Retro9000 is a program designed to support developers with up to $40 million in grants for building on the Avalanche testnet.
Ethereum could retest $2,707 resistance following increasing ETF inflows and uptrend in funding rates
Ethereum traded around $2,640 on Thursday, up more than 2% following increased bullish bias among investors, as evidenced by ETH ETF net inflows and an uptrend in funding rates.
Ethena Labs launches new UStb stablecoin backed by BlackRock's BUIDL token
Ethena Labs announced on Thursday that it has released a new stablecoin product, UStb. The new stablecoin will be fully collateralized by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) and function similarly to a traditional stablecoin.
Crypto Today: Bitcoin, Ethereum and XRP trade in the green as crypto lost to hacks and fraud plunge by 40%
Bitcoin has moved above the $65,000 psychological level after flipping a key resistance, XRP sees a slight 1% gain. Ethereum trades around $2,650, up over 3% in the past 24 hours, as it attempts to tackle the $2,707 key resistance.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.