Ripple bulls woke up and pushed XRP/USD towards $0.27 in a matter of minutes

XRP/USD gains over 2% of its value in a matter of minutes.
The further upside is limited at this stage.

Tanya Abrosimova Independent Analyst

Ripple’s XRP has jumped from $0.2600 to $0.2680 in a matter of minutes. By the time of writing, XRP/USD has retreated to $0.2670, though the upside momentum remains strong. The third largest digital asset has gained over 2% since the beginning of the day and 1.4% on a day-on-day basis.

The fundamental triggers of the move remain unknown so far.

Technical picture

Looking technically, the price has returned to the area below the upper line of four-hour Bollinger Band currently at $0.2676. Considering that the Relative Strength Index (RSI) is reversing to the downside on the intraday timeframes, XRP/USD is vulnerable to the technical correction after a strong movement. The first area of support is located on the approach to $0.2660 ( the upper line of one-hour Bollinger Band). Once below, the sell-off may be extended towards $0.2610-$0.2600 area strengthened by SMA200 (Simple Moving Average) four-hour.

On the upside, a new attempt at $0.2680 looks unlikely thus far; however, if it is cleared, the upside trend wil gain traction with the next focus on $0.2775 (SMA50 daily).