- Ripple price jumps more than 2% on Friday ignoring the bears.
- It is vital that XRP/USD finds a support above $0.440 in order to allow higher corrections beyond $0.450.
Ripple is correcting higher, although the momentum has slowed down at the time of writing. The charts are indicating a 2.19% jump in value on the day. Besides, it bounced from trading lows of $0.4257 during the Asian trading hours on Friday. There was a spike in an engulfing candle but the resistance at the 23.6% Fib level with the last drop from $0.464 to a low of $0.425 prevented further movement above $0.4350. XRP/USD reacted lower but the downside was protected at $0.430.
The buyers were not done yet, they staged another upside breakout that made it above $0.4450 before running into the trendline resistance at $0.4463. XRP/USD is currently consolidating a bullish flag pattern pending another upside breakout.
The 50% Fib level is currently limiting gains on the upside slightly above $0.440 while the 50 simple moving average is positioned to offer support at $0.4370. There is a stronger support at $0.4350 but there are a couple of more demand zones at $0.4292 and $0.4257. XRP/USD is to break the resistance at $0.440 and sustain recoil above the trendline resistance for it to re-attack $0.450 in the short-term.
Ripple is the third largest crypto with a market capitalization of $17.2 billion. It’s trading volume short up to $323 million on August explaining the selloff. The trading volume has, however, and is currently at $251 million.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.