• Ripple price extends price action to $0.3250 before a minor reversal to $0.2962.
  • XRP/USD seeks higher support in order to allow bulls to shift the focus to higher levels at $0.50.

The cryptocurrency market has been in a bullish momentum for the last couple of weeks. Altcoins and Bitcoin (BTC) have posted incredible gains with some hitting new 2020 highs. Ripple has been able to bring down the hurdle at $0.30 and even top $0.3250 before a reversal occurred. XRP/USS is teetering at $0.2962 at the time of writing.

At the same time, Bitcoin and other coins such as Ethereum (ETH) are getting closer to important resistance levels. Since early July, XRP/USD has posted a growth of 78.63% showing one of the largest growths among the major digital assets. For more than two years, Ripple has been on the spotlight in the community for selling large amounts of XRP to the market in a way dampening the performance of the token.

However, appears to be redeeming its reputation and posting incredible gains. With the bull market in place, the rally is likely to continue in the near term. First among the buyers' missions should be establishing higher support above $0.30. This way, they can now focus on gains towards $0.5.

XRP/USD daily chart

XRP/USD price chart

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD bulls aim for $11,600, but strong resistance restricts movement

BTC/USD has gone up from $11,568.60 to $11,596 as bulls continue to flirt around the $11,600 line. As per the daily confluence detector, there are twBTC/USD has gone up from $11,568.60 to $11,596 as bulls ...

More Bitcoin News

Ripple Technical Analysis: Bullish recovery starts after two bearish days

XRP/USD bulls stage a comeback following two bearish days, taking the price up from $0.2822 to $0.2850. The buyers aim for the $0.29 resistance level as the price keeps trending in a downward ...

More Ripple News

ETH/USD to $1,000 by the end of 2020 – Derivative traders bet on Deribit

Ethereum is trading marginally below the coveted $400 level. This comes after an impressive recovery from support confirmed at $370 on Wednesday. On the upside, Ether recently traded new yearly highs at $415.

More Ethereum News

IOT/USD aims for $0.40 as Chrysalis update gears up to go live next week

IOTA is all set to launch the first phase of its Chrysalis project, the beginning of a series of upgrades leading up to IOTA 1.5. The new upgrade includes several improvements to the network.

More IOTA News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP