Dormant Ripple bulls have their say, XRP/USD jumps 15% in a matter of an hour
|- XRP/USD jumps above $0.37, hits the highest level in over a month.
- The coin is vulnerable to a short-term correction.
Thee third largest digital asset with the current market value of $15 billion smashed several important technical barriers and hit $0.3750 during Asian hours on Tuesday. The coin has gained over 15% since the beginning of the day to become the best performing altcoin out of top-20.
XRP/USD hit the highest level since April 5 and moved above DMA200 for the first time since November 20, 2018. From the longer-term perspective, the coin has a potential to hit $0.3800 and reach SMA50 weekly at $0.3850. The coin has been trading below this line since mid-June 2018.
However, being strongly overbought on an intraday level, it is vulnerable to the short-term bearish correction towards $0.35 and, possibly, $0.3380 (the highest level of the previous week).
XRP/USD, 4-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.