Tanya Abrosimova
Independent Analyst
- XRP/USD has settled above $0.2000 amid improved market sentiments.
- A short-term set-back will be followed by another bullish wave.
Ripple’s XRP settled above $0.2000, which is a positive signal for the coin in the short run; however, the further upside momentum seems to be limited for now. At the time of writing, XRP/USD is changing hands at $0.2049. The coin has gained over 1.2% since the beginning of the day and stayed unchanged on a day-to-day basis, moving within a short-term bullish trend amid expanding volatility. The intraday high is registered at $0.2016, while the current intraday low is $0.2013. Ripple moved back to the third position in the global cryptocurrency rating with the market capitalization of $9 billion.
XRP/USD: Technical picture
XRP/USD settled above the daily SMA50 (currently at $0.2010) and managed to clear a strong resistance of $0.2030 created by a combination of technical indicators, including 38.2% Fibo retracement for the downside move from February 2020 high. The next local resistance is created by the upper line of the daily Bollinger Band $0.2080 and psychological $0.2100. A sustainable move above this area will open up the way towards the next barrier created by daily SMA200 at $0.2150. Ripple’s price has been moving below this MA since the end of February. Moreover, it stopped the recovery in the beginning of May.
XRP/USD daily chart
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On the intraday chart, XRP/USD recovery is capped by 1-hour SMA50 at $0.2050. If this resistance is rejected, the price may return to the channel support created by a combination of the lower line of the 1-hour Bollinger Band and 1-hour SMA100 at $0.2015. This barrier followed by a psychological should create strong support for the price and serve as a jumping-off ground for the next bullish movement.
XRP/USD 1-hour chart
-637265950801637699.png)
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