- Ripple bulls renew their strength in a bid to salvage what was left of the recent surge.
- Support at the 61.8% Fibo and $0.2200 is critical to the ongoing recovery.
The declines that have characterized the crypto market following the surge earlier this week are beginning to subside. It is evident in Ripple’s bounce off the immediate support at the 61.8% Fibonacci retracement level, taken between the last swing high of $0.2442 to a sing swing around $0.1856. The ongoing reversal has seen XRP avoid losses below the key support at $0.22, which would have resulted in more spiraling towards $0.20.
Ripple is the third-largest cryptocurrency on the crypto market. It has a market capitalization of $9.99 billion and its trading volume in the last 24-hours stands at $1.95 billion. XRP is slightly in the green after adding a subtle 0.16% to its value on the day. The expanding volatility coupled with an improving technical picture is likely to pull XRP to higher levels, eyeing $0.24 resistance in the short term.
In the meantime, the XRP market value stands at $0.2296. The immediate downside is anchored by the ascending trendline. XRP is still trading above the moving averages in the 4-hour timeframe. The 50 SMA stands at $0.2169 while the 100 SMA forms a confluence with the 32.8% Fibonacci level at $0.2080. A bounce of the RSI above the average line is reflective of the growth in value during the Asian session on Friday.
XRP/USD 4-hour
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