Ripple price analysis: XRP/USD recovery limited by $0.50
- XRP needs to clear $0.50 to proceed with the recovery.
- The critical support is seen on approach to $0.4470.
Ripple’s XRP, the third largest coin by market value, has resumed the upside movement after a temporary setback on Monday. XRP/USD jumped above $0.50 for the first time since November 2018 during the weekend; however, the growth proved to be unsustainable so far. At the time of writing, XRP/USD is changing hands at $0.4700 with 2% of gains in recent 24 hours.
Ripple’s market value has settled at $19.9 billion, while the trading volumes are registered at $1.4 billion, mostly in line with the long-term figures.
XRP’s technical picture
XRP/USD dropped to $0.4460 on Monday; however, the price staged a recovery amid positive sentiments on the global cryptocurrency market. A sustainable move above $0.47 will signal that the bulls have regained breath and now are ready for another assault.
The next upside barrier is created by $0,4900 (June 23 high). Once it is cleared, $0.50 will come into focus. Considering that the intraday RSI (the Relative Strength Index) is turning upwards, another bull’s leg looks likely at this stage.
On the downside, a sustainable move below $0.4620 barrier created by SMA50 (Simple Moving Average) 1-hour will take the price towards the next bearish aim of $0.4470. This barrier is strengthened by a confluence of SMA200 1-hour and SMA50 4-hour.
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
