Tanya Abrosimova
Independent Analyst
- 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
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