Ripple Price Analysis: XRP/USD bulls may stop short of daily SMA200
- RIpple is on the recovery mode, but the upside is limited by daily SMA200.
- The support is created by 38.2% Fibo retracement.
Ripple’s XRP is changing hands marginally above $0.2200 after short-lived move towards the intraday high of $0.2225 during early European hours. The third-largest digital asset has gained over 2% in the recent 24 hours and 1.65% since the beginning of the day. XRP is moving within a short-term bullish trend in sync with the cryptocurrency market. Ripple’s market capitalization increased to $9.7 billion, while an average daily trading volume settled at $2.0 billion.
XRP/USD: Technical picture
XRP/USD settled above the daily SMA100 at $0.2165, which is a positive signal for XXRP bulls. However, further recovery is limited by SMA200 at $0.2265. This area has served as a strong resistance since April 29. Once this barrier is out of the way, the upside momentum will gain traction with the next focus on psychological $0.23, followed by the upper line of the daily Bollinger Band and 50% Fibo retracement for the downside move from February 2020 high on approach to $0.2360.
On the downside, if the price fails to settle above daily SMA100, the bearish pressure will increase with the next support created by $0.2100, followed by 38.2% Fibo retracement for the downside move from February 2020 high at $0.2030 and pivotal $0.2000.
XRP/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
