Breaking: XRP/USD breaks above $0.2000, gains 7% since the beginning of Monday
- XRP/USD settles above critical $0.20.
- The next resistance is created by SMA50 daily.
Ripple's XRP catapulted to $0.2100 during early European hours. The third-largest digital coin broke above $0.20 and gained over 5% in a matter of hours. On a day-to-day basis, XRP/USD has grown by 9%. At the time of writing, XRP/USD is changing hands at $0.2077 amid strong bullish bias and expanding volatility.
XRP/USD: technical picture
As the fundamental reasons for the pump remain unknown, XRP/USD growth is driven mostly by speculative and technical factors. A move above psychological $0.20. absorbed stops located above this area and increased the upside momentum. If the coin manages to stay above this handle by the end of the day, the bulls might get bolder and push the price towards the next resistance area created by SMA50 (Simple Moving Average) daily at $0.2130. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.22.
On the downside, if the price returns to the area below $0.20, the sell-off may be extended towards $0/1930 ( the middle line of the daily Bollinger Band) and psychological $0.1900.
XRP/USD, daily chart
Author
Tanya Abrosimova
Independent Analyst
