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Ripple Price Analysis: XRP/USD may return to $0.1800 before another bullish assault

  • XRP/USD has been growing strongly since the beginning of the day.
  • The intraday RSI implies that the coin may retreat from the recent levels.
Ripple Price Analysis: XRP/USD may return to $0.1800 before another bullish assault
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst


XRP/USD is changing hands at $0.1850 with 2.6% of gains since the start of the day. The third-largest digital asset with the current market value of $8 billion has been moving within a strong bullish trend amid expanding volatility. Ripple's coin registered the intraday low of $0.1784 and has been growing ever since. 

XRP/USD: Technical picture

On the intraday basis, XRP/USD is supported by a psychological $0.1800 reinforced by SMA50 1-hour and $0.1770, which coincides with an upside trend line from March 16 low.  Now that it is out of the way, the upside is likely to gain traction with the next focus on $0.1900 reinforced by the upper line of the daily Bollinger Band, and $0.2030 (SMA50 daily). Considering the downside-looking RSI on a daily chart, XRP/USD is well-positioned for the further upside in the long run.

XRP/USD daily chart

Meanwhile. on the intraday charts, the RSI is ready to revers from the overbought territory, which means XRP/USD is vulnerable to the short-term correction towards the above-mentioned support zone of $0.1800-$0.1770. If this area gives way, the sell-off may be extended towards $0.1760 (SMA200 1-hour) and psychological $0.1600.

XRP/USD 1-hour chart


 

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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