Ripple Price Analysis: XRP/USD on roller-coaster, ready for another jumps above $0.2000
|- XRP/USD retreated below $0.2000 after strong recovery above the critical barrier.
- The coin retains the bullish potential and may retest $0.2000 during the day.
XRP/USD ventured out a move above $0.2000 during early Asian hours. The coin tested $0.2008, the highest level since June 11, before retreating to $0.1960. Despite the downside correction, XRP is still the best-performing digital asset out of top-5. The coin has gained over 6% since the beginning of the day and over 5% on a day-to-day basis.
Ripple's XRP is the fourth largest digital asset with the current market value of $8.66 billion and an average daily trading volume of $1.38 billion. At the time of writing, XRP/USD is moving within a short-term bearish trend amid high volatility.
XRP/USD: Technical picture
On the daily chart, XRP/USD broke above the daily SMA50 ($0.1920). A sustainable move above this technical barrier created strong bullish momentum and helped the coin to recover above the next hurdle created by daily SMA100 at $0.1950. Th price tested waters above psychological $0.2000 but failed to clear a thick layer of selling orders. Despite the retreat from the recent high, XRP retains the bullish potential as the daily RSI still points upwards. It means, that we may see another attempt to break above $0.2000 later during the day.
XRP/USD daily chart
On the intraday chart, the price returned inside the 1-hour Bollinger Band (BB), while the RSI is still in the overbought territory. The local support is created by the above-mentioned daily SMA100; however, a stronger barrier comes at psychological $0.1900 that limited the recovery since the beginning of the week. A sustainable move below this area will return the coin inside the previous consolidation channel and bring 1-hour SMA50 at $0.1865 into focus.
XRP/USD 1-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.