• Ripple's XRP reached a new high of 2020 at $0.3353.
  • The technical picture implies a consolidation in the current range.

Ripple's XRP skyrocketed to $0.3353 during early Asian hours only to collapse to $0.3123 by the time of writing. Despite the decline, the coin is still over 6% higher on a day-to-day basis. XRP now takes the third place in the global cryptocurrency rating with the current market capitalization of $13.6 billion and an average daily trading volume of $5.4 billion. 

XRP/USD: Technical picture is still good for bulls

XRP/USD dropped to $0.2999 amid major sell-off on the cryptocurrency market; however, the coin managed to recover above $0.3100. Now the coin attemts to clear the local resistance of $0.3130 created by the middle line of 1-hour Bollinger Band. Once it is cleared, the recovery may be extended towards $0.3200 and $0.3300

On the downside, a sustainable move below $0.3000 will worsen the immediate technical picture and increase the selling pressure with the next focus on $0.2950 (SMA50 1-hour and the lower line of 1-hour Bollinger Band). The critical support is created by a combination of SMA100 1-hour and  an upper boundary of the previous consolidation channel at $0.2860.

Considering the flat RSI on intraday charts, the coin is likely to stay in the current range limited by $0.3000 and $0.3200 until fresh catalysts hit the market.

XRP/USD 1-hour chart


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin is showing rising correlation with the S&P 500

Bitcoin is showing rising correlation with the S&P 500

Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.

More Bitcoin News
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

Ethereum rallies over 6% following decision to split Pectra upgrade into two phases

In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.

More Ethereum News
Consensys case against SEC over Ethereum dismissed by Texas court

Consensys case against SEC over Ethereum dismissed by Texas court

Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.

More Cryptocurrencies News
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV

Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors. 

More Ripple News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP