• 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

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD may hit $8,000 soon if SMA50 daily gives way

BTC/USD hit the intraday high at $7,460 and retreated to $7,270 by press time. Despite the downside correction, the coin is moving within a short-term upside trend amid low volatility.

More Bitcoin News

Ripple Price Analysis: XRP/USD breaks above $0.19, bulls aims for $0.20 next

XRP/USD bulls are well and truly in control as the price has risen from $0.1794 to $0.1955, going past crucial psychological levels at $0.18 and $0.19. To continue this upward momentum, the bulls must go ...

More Ripple News

Ethereum Price Analysis: ETH/USD skyrockets above $170.00, next target $200.00

ETH/USD jumped above $176.00 during early Asian hours as the bullish momentum increased after the coin broke above the psychological $150.00.

More Ethereum News

EOS Price Analysis: EOS/USD bulls aim to take the price above $2.80

EOS/USD had a hugely Monday as the price jumped from $2.35 to $2.76. The price has increased a little more to $2.794 in the early hours of Tuesday. The bulls also managed to break past ...

More EOS News


Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast