Ripple Price Analysis: XRP/USD rushes past the 50 SMA resistance, grinds towards $0.24
|- Ripple price leads recovery among the major cryptocurrencies after shooting above $0.2300.
- XRP/USD clears the falling triangle pattern resistance further boosting the recovery.
Ripple's price journey to $0.3000 is catching the pace after holding onto the support at $0.2250. While the weekend trading action remained bullish, little progress was made above $0.2300. However, the action of the bulls on Monday has been focused on breaking the resistance at $0.2300 as well as climbing above $0.2400.
At the time of writing, XRP/USD is teetering at $0.2336 in the wake of a 2.45% growth in value on the day. The price has also cleared the 50 SMA resistance on the hourly chart I discussed earlier today. The next hurdle at $0.2350 (100 SMA) must come down to allow XRP/USD to roll towards $0.2400.
As per the RSI, Ripple is poised for a continued movement upwards especially in the current session. The indicator is now settled above 50 besides, its reentrance into the overbought region (above 70) could stir growth past $0.2400. At the moment, higher support for XRP/USD, preferably above $0.2350 could play a vital role in the recovery of the crypto above $0.3000
XRP/USD 1-hour chart
Periodic XRP sales are Ripple’s bloodline
Ripple has been criticized by many due to its mode of business. The blockchain firm is said to be owning over half of the XRP token total supply, which it sells to raise funds for operations, expansion, and growth. However, many experts say that this mode of business is hurting XRP owners who are forced to deal with the economics of the ‘dumped’ coins. However, Ripple’s CEO Brad Garlinghouse has maintained that his company has no control over the price of XRP and its sales are simply to stay profitable. In an interview that took place last August, Garlinghouse said categorically that:
"We would not be profitable or cash flow positive [without selling XRP], I think I’ve said that. We have now."
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