Ripple market update: XRP/USD on fire, gaining 5% in a matter of hours
|- XRP price jumped above $0.3200, but the upside proved to be unsustainable
- DMA100 is a strong barrier that caps the price.
XRP/USD jumped as high as $0.3267 during European hours, gaining over 5% in a matter of hours. While the coin has retraced from the recent high to trade marginally below $0.3200 at the time of writing, it is still nearly 3% higher than at the beginning of Wednesday.
If the coin stays above $0.3200, the short-term technical picture will improve significantly, though from a longer-term point of view we will need to see a move above $0.3270. This barrier is created by a confluence of DMA100 and a sloping trendline from December 25 high. A sustainable move higher will signal the reversal of the trend.
On the downside, critical support lies with $0.3100 with DMA50 on approach. Once below, the sell-off may gain traction with the next focus on psychological $0.30.
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