• XRP/USD recovered above critical $0.2800.
  • The coin looks strong as long as it stays above $0.2630.

Ripple’s XRP settled above $0.2800 area after strong growth in the beginning of the week. While the coin has retreated from the recent high, it retains bullish bias in the mid-term timeframe. At the time of writing, XRP/USD is changing hands at $0.2840, having gained nearly 1.5% on a day-on-day basis.

XRP is the third largest digital asset with the current market value of  $11.9 billion and an average daily trading volume of $1.38 billion.

While XRP has been one of the best-performing top-10 altcoins of the week, in the long run it still lags behind its main rivals. The coin is still down over 20% since the beginning of the year. For the sake of comparison: Ethereum (ETH) gained 38%, Litecoin grew by 90% spring the same timeframe 

XRP/USD, the long-term technical picture

On Tuesday, XRP/USD hit the recent high of $0.2858 and tested the long-time sloping trendline from June 26 high. After a short-lived correction towards $0.2750 the coin resumed the upside. Looking technically, XRP/USD is moving within a large wedge with the lower boundary created by an upside trendline from September 26 low (currently at $0.2550). From the longer-term perspective, the price may retest this support area, if it breaks below $0.2630  barrier created by SMA50 (Simple Moving Average) daily and an upper boundary of the previous consolidation channel.

On the upside, a sustainable one above the said trendline (currently at $0.2835) will open up the way towards $0.2930. This resistance is created by SMA100 and the upper line of a Bollinger Band on a daily chart

XRP/USD, daily 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin (BTC) bulls surrender $8,000, move towards $7,800

Bitcoin (BTC) bulls attempted a recovery but failed to hold the ground above $8,000. A strong sell-off during early Asian hours took the price below the pivotal handle towards the intraday low of $7,869.

More Bitcoin News

NEO price analysis: NEO/USD locked in a range amid growing bearish pressure

NEO, currently the 22nd largest coin with the total market value of $500 million, has gained about 1.2% in recent 24 hours to trade at $7.0 at the time of writing. Since the beginning of Friday, NEO/USD has lost 2.3%. 

More NEO News

Ethereum price update: ETH/USD makes a quick return to $170

Ethereum bears are making a quick return to $170 after the bullish action staged on Thursday failed to successfully target $180 resistance level. It is likely that the crypto market will usher in the weekend sessions in losses. As for Ethereum, the price is teetering at $173.73 amid a strengthening bearish momentum.

More Ethereum News

Litecoin market update: LTC/USD gazes into a bottomless pit

The cryptocurrency market suddenly turned bearish on Friday. Although the Asian session was characterized by intense pressure on support areas, most of the damage has been made during the current European session.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast

BTC

ETH

XRP