Ripple price analysis: XRP/USD bulls have their say
- XRP/USD sees a strong upside momentum that pushes the coin towards critical resistance.
- Bulls run into a strong resistance created by DMA50.
XRP/USD is one of the growth leaders of the day. The third largest coin with the current market value of $17.7 billion has recovered from the intraday low under $0.39 handle to trade above $0.41 by the time of writing. XRP/USD has gained over 5% of its value since the beginning of Monday trading amid strong bullish momentum.
Ripple has enjoyed a series of strategic partnership deals with such heavyweights as MoneyGram. Also, recently, it has become known, that Bank of America/Merrill Lynch is allegedly going to work with Ripple as members of the "RippleNet Advisory Board."
Looking technically, XRP/USD is attempting to settle above 0.4120 barrier, created by the 50% Fibonacci retracement of the latest decline. Once it is out of the way, the XRP's recovery may be extended towards $0.4170 resistance created by Simple Moving Average (SMA50) on a daily chart. This barrier is followed by psychological $0.42 with the intraday high located on approach ($0.4196).
On the downside, A strong barrier lies with $0.40. Once it is cleared, the sell-off is likely to gain traction with the next focus on the intraday low of $0.3895.
XRP/USD, 1-day chart
Author
Tanya Abrosimova
Independent Analyst
