Ripple price analysis: XRP/USD retreats from intraday high, retains bullish potential
- XRP/USD settles above $0.4400 after a technical correction from the recent high
- The trend is bullish as long as the price stays above $0.40.
XRP/USD extended rally during early Asian hours and hit $0.4600 amid positive fundamentals. While the coin retreated to $0.4340 by the time of writing, it is still nearly 2% higher than this time on Monday. XRP takes the third place in the global cryptocurrency rating with the current market capitalization of $18.4 billion and an average daily trading volume over $3 billion. XRP is most actively traded against BTC and USDT.
Ripple’s technical picture
The strong support for the coin is created by $0.4300 closely followed by $0.4270 (23.6% Fibo retracement). Once this area is cleared, the downside may gain traction with the next focus on psychological $0.4000 strengthened by Simple Moving Average (SMA)50, 4-hour and $0.3940 and followed by SMA100 4-hour at $0.3927.
On the upside, a sustainable move above the intraday high of $0.4600 will open up the way to $0.4715 - this is the highest level since May 16. A move above this handle may attract new buyers and push the price towards SMA100 weekly at $0.4967. An ultimate bullish aim is $0.50. XRP/USD has not touched it since November 2018.
XRP/USD, 4-hour chart
Author
Tanya Abrosimova
Independent Analyst
