Ripple Price Analysis: XRP/USD aims at $0.2100 amid growing bullish sentiments
- Ripple's XRP recovered from the psychological barrier of $0.2000.
- The next bullish target is created by daily SMA200 at $0.2100.
Ripple's XRP is changing hands at $0.2050. The fourth-largest digital coin has gained nearly 2% in the recent 24 hours as strong bullish sentiments took it above July 11 high of $0.2047.XRP has the current market value of $9 billion and an average daily trading volume of $1 billion. The coin is threatening to oust Tether from the third position in the global cryptocurrency market rating.
XRP/USD: Technical picture
Ripple's resumed a recovery after an extended period of range-bound trading. The price surpassed the recent high of $0.2047 reached on Saturday, July 11, and touched the intraday high of $0.2260 before but a cluster of stop orders pushed it back towards t$0.2050. The next strong support is created by the psychological $0.2000. As we have previously reported, this barrier has the potential to absorb the downside momentum, however, once it is cleared, the sell-off may be extended towards $0.1960 (daily SMA100) and $0.1925 (daily SMA50). The key resistance comes at $0.1900 that served as channel support at the end of the previous week.
On the upside, a sustainable move above $0.2100 reinforced by a combination of daily SMA200 and the upper line of the 4-hour Bollinger Band will improve the technical picture and open up the way towards the recent recovery high at $0.2357 (April 30). This barrier separates us from the ultimate bullish goal of $0.2500.
XRP/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
