Ripple price analysis: XRP/USD up 2% on the day; $0.6800 is still a hurdle
|- Ripple tends to move higher, $0.6800 in focus.
- Bulls are in control as long as XPR stays above $0.6400.
Ripple gained 2% since the start of the day amid general positive sentiments on the cryptocurrency market, especially among the altcoins. XRP/USD, the third largest coin by market value, bottomed out at $0.45 and has been growing steadily since that time. While initially the upside was triggered by bitcoin rise, now XRP's rally is self-sustained and supported by announcements about Ripple network adoption among traditional financial institutions.
Citi is among the latest to review Ripple technology and XRP according to Reddit discussion. While traders and crypto enthusiasts do not jump to optimistic conclusions about banks adopting the technology and digital currency on mass scale, the interest creates buzz and supports trading activity.
Ripple short-term technical picture
On the intraday level, XRP/USD tested the sloping resistance line marginally above $0.6800 and retraced to $0.6750. The nearest support is produced by 100 and 50-SMA (hourly chart) around $0.66, while the short-term bias remains bullish as long as the coin stays above $0.6400. A move below will trigger a sell-off towards $0.62 and $0.60. On the upside, Ripple bulls have to take it above $0.6800 and Friday's high at $0.7077, before $0.75 comes into focus.
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