Ripple Market Update: XRP/USD ready to unleash its bullish potential, next target is $0.2500
- Ripple's XRP is posed for long-term growth as long as it stays above $0.2300.
- The next resistance is created by the psychological barrier of $0.2500.
Ripple's XRP is changing hands at 0.2420. The coin has gained nearly 10% on a day-to-day basis and 4% since the beginning of the day. Due to the strong growth, XRP moved to third place in the global cryptocurrency market rating. The coin's market capitalization exceeded $10 billion, while its average daily trading volume is now over $2 billion.
Lockdown will create a stimulus for crypto adoption
Barry Eichengreen, professor of economics and political science at the University of California, he admitted that that cryptocurrency asset used for cross-border payments may prove their value in the future. He expressed his views on cryptocurrencies and the economic consequences of the pandemic while speaking with Ripple's CTO, David Schwartz.
XRP/USD: Technical picture
XRP/USD hit the recovery high at $0.2442 and retreated to $o.2420 by press time. The coin is grossly overbought, which means it may be vulnerable to a short-term correction. However, the RSI on a daily chart points upwards and shows no signs of reversal yet, signaling that the coin has not exhausted its bullish potential. The initial resistance is created by the intraday high. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2500. In the long run, the critical barrier is created by 100-week SMA at $0.2950 followed by a psychological $0.3000.
On the downside, the initial correction target is created by the upper line of the daily Bollinger Band on approach to $0.2300.
XRP/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
