Ripple price analysis: XRP/USD ignores the bears and extends gains in bleeding market
|- Ripple price jumps more than 2% on Friday ignoring the bears.
- It is vital that XRP/USD finds a support above $0.440 in order to allow higher corrections beyond $0.450.
Ripple is correcting higher, although the momentum has slowed down at the time of writing. The charts are indicating a 2.19% jump in value on the day. Besides, it bounced from trading lows of $0.4257 during the Asian trading hours on Friday. There was a spike in an engulfing candle but the resistance at the 23.6% Fib level with the last drop from $0.464 to a low of $0.425 prevented further movement above $0.4350. XRP/USD reacted lower but the downside was protected at $0.430.
The buyers were not done yet, they staged another upside breakout that made it above $0.4450 before running into the trendline resistance at $0.4463. XRP/USD is currently consolidating a bullish flag pattern pending another upside breakout.
The 50% Fib level is currently limiting gains on the upside slightly above $0.440 while the 50 simple moving average is positioned to offer support at $0.4370. There is a stronger support at $0.4350 but there are a couple of more demand zones at $0.4292 and $0.4257. XRP/USD is to break the resistance at $0.440 and sustain recoil above the trendline resistance for it to re-attack $0.450 in the short-term.
Ripple is the third largest crypto with a market capitalization of $17.2 billion. It’s trading volume short up to $323 million on August explaining the selloff. The trading volume has, however, and is currently at $251 million.
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