Ripple price analysis: XRP/USD retreats from $0.3000, retains long-term bullish potential
|- XRP/USD failed to hold the ground and retreated below $0.2900.
- The coin looks strong as long as it stays above SMA100 daily.
Ripple’s XRP peaked at $0.2995. The bulls stopped within a whisker of critical $0.30 and lost the initiative amid changing sentiments on the cryptocurrency market. At the time of writing, XRP/USD is changing hands at $0.2880, down over 2% on a day-on-day basis and unchanged since the beginning of the day.
XRP/USD, the long-term technical picture
Looking technically, XRP/USD is still trading above SMA100 (Simple Moving Average) on a daily chart (currently at $0.2845), which is considered as a positive signal. If it is broken, the sell-off may be extended towards $0.2700 strengthened by the recently broken upper boundary of the wedge along with the upside-looking trendline from the recent low of $0.2280. This area is likely to stop the downside correction and trigger a new bullish wave that will take the price back towards $0.30.
On the upside, a sustainable one above $0.2900 will bring the recovery back on track and open up the way towards the upper line of a Bollinger Band on a daily chart ($0.2980) closely followed by psychological $0.3000.
XRP/USD, daily 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.