Ripple Chart Analysis: XRP/USD to target at daily SMA200, if $0.2100 holds
- XRP/USD has moved into a new range with the local support at $0.2100.
- The next bullish target is created by daily SMA200 at $0.2150.
Ripple’s XRP settled above $0.2100 amid strong bullish momentum on the cryptocurrency market. At the time of writing, XRP/USD is changing hands at $0.2111. The coin has gained over 3% on a day-to-day basis and stayed unchanged since the beginning of the day, moving within a short-term bearish trend amid expanding volatility. The intraday high is registered at $0.2121, while the current intraday low is $0.2112. Ripple is now the third-largest cryptocurrency in the global cryptocurrency rating with the market capitalization of $9.3 billion and an average daily trading volume of $1.7 billion.
XRP/USD: Technical picture
XRP/USD used the daily SMA50 (currently at $0.2010) as a jumping-off ground and managed to clear a strong resistance of $0.2100 created by the upper line of the daily Bollinger Band and the middle line of the weekly Bollinger Band. The next stiff resistance is created by a daily SMA200 on approach to $0.2150. Ripple’s price has been moving below this MA since the end of February. Moreover, it stopped the recovery at the beginning of May. A sustainable move above this area will open up the way towards the next barrier created by weekly SMA50 at $0.2450.
XRP/USD daily chart
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On the intraday chart, XRP/USD has been range-bound with a bearish bias. If the price slides below $0.2100, 1-hour SMA50 at $0.2070 will come into focus. This area is likely to slow down the correction; however, if it is broken, the sell-off may gather pace and push the price towards 1-hour SMA100 at $0.2040. This barrier followed by a psychological $0.2000.
XRP/USD 1-hour chart
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Author
Tanya Abrosimova
Independent Analyst
