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Ripple Chart Analysis: XRP/USD leaves $0.22 behind, targets weekly SMA50

  • Ripple's XRP moves to third place in the cryptocurrency market rating.
  • The next bullish target is created by weekly SMA50 at $0.2266.
Ripple Chart Analysis: XRP/USD leaves $0.22 behind, targets weekly SMA50
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Ripple's XRP hit $0.2244 and the upside momentum is gaining traction. The coin has reached the highest level since the beginning of May after a sustainable move above 200-day SMA located on the approach to $0.2100. This technical development unleashed the bullish potential of the coin that has been trading in a tight range for too long. 

Ripple ousted Tether from the third place in the global cryptocurrency market rating as its capitalization exceeded $10 billion, while its average daily trading jumped to $1.4 billion.

XRP/USD: Technical picture

On the intraday charts, XRP/USD is moving within a sharp bullish trend; however, the RSI has already started reversing from the overbought territory, which means the coin is ripe for a correction. The local support is created by $0.2200. Once it is broken, the middle line of the 1-hour Bollinger band at $0.2150 will come into focus. This barrier is likely to slow down the correction and attract new buyers to the market.

On the upside, a sustainable move above the intraday high of $0/2244 will open up the way to 50-week SMA at $0.2266 and to psychological $0.2300.

XRP/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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