Ripple price analysis: XRP/USD retreats from intraday high, retains bullish potential
|- XRP/USD settles above $0.4400 after a technical correction from the recent high
- The trend is bullish as long as the price stays above $0.40.
XRP/USD extended rally during early Asian hours and hit $0.4600 amid positive fundamentals. While the coin retreated to $0.4340 by the time of writing, it is still nearly 2% higher than this time on Monday. XRP takes the third place in the global cryptocurrency rating with the current market capitalization of $18.4 billion and an average daily trading volume over $3 billion. XRP is most actively traded against BTC and USDT.
Ripple’s technical picture
The strong support for the coin is created by $0.4300 closely followed by $0.4270 (23.6% Fibo retracement). Once this area is cleared, the downside may gain traction with the next focus on psychological $0.4000 strengthened by Simple Moving Average (SMA)50, 4-hour and $0.3940 and followed by SMA100 4-hour at $0.3927.
On the upside, a sustainable move above the intraday high of $0.4600 will open up the way to $0.4715 - this is the highest level since May 16. A move above this handle may attract new buyers and push the price towards SMA100 weekly at $0.4967. An ultimate bullish aim is $0.50. XRP/USD has not touched it since November 2018.
XRP/USD, 4-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.