Ripple price analysis: XRP/USD explores new April highs; $0.73 intraday high; potential downside breakout looms
|- Ripple price will find be supported by the 38.2% Fibo; on the upside, major resistance is at $0.80.
- XRP/USD embraces the calm in the crypto space; however, $1 still out of the picture.
The financial solutions orientated Ripple (XRP) is scaling new April heights in a fairly stable and bullish cryptocurrency market. XRP/USD has been correcting higher and has managed to breach the highlighted resistance zone at $0.70 during the trading on Wednesday 18. Ripple price has been embracing the calm in the market making strides to retrace upwards; however, in the meantime, on a broader look at $1 seems to be out of the picture.
In other news relating to Ripple, CEO Brad Garlinghouse will join the founder of TechCrunch, Michael Arrington to discuss cryptocurrencies at Disrupt SF. Ripple continues to work towards its goal of simplifying global money transfer. Although the company has made great strides even signing a partnership with the money transfer guru, Western Union while in Japan a consortium of Banks are working on integrating Ripple solutions into their systems, it still has a lot more to do to unify the financial system.
Technically, Ripple price has maintained an uptrend that was initiated above $0.65 breaking above the 50% Fib retracement level with the previous swing high of $0.95 and a $0.45 low. XRP/USD upside gains have, however, been capped below $0.75 due to rising selling pressure at this level paving the way for a current downside correction. Ripple must find a strong support above $0.70 level to gain momentum towards the major resistance zone at $0.80 (50 SMA). On the downside, if Ripple price slides back below $0.70 level, it will find a support at $0.65 highlighted by the 38.2% Fib retracement level with the previous swing high of $0.95 and a low of $0.45.
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