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Ripple Price Analysis: XRP/USD settles above $0.2200, targets daily SMA200

  • Ripple's XRP has been growing strongly since Tuesday.
  • A sustainable move above $0.2200 opens up the way towards daily SMA200.
Ripple Price Analysis: XRP/USD settles above $0.2200, targets daily SMA200
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

XRP/USD increased by over 5% in the recent 24 hours and tested $0.2250, the highest level since the beginning of March. At the time of writing, the coin is changing hands at $0.2230 amid strong bullish bias. 

XRP/USD: Technical picture

From the technical point of view, XRP/USD cleared an important resistance created by daily SMA100 at $0.2170. Now it serves as local support that may limit the downside correction of the coin. If this level is broken, the sell-off may continue towards $0.2030 reinforced by 23.6%  Fibo retracement for the downside move from February 2020 high, and psychological $0.2000.

On the upside, if XRP/USD settles above $0.2230, the recovery will gain traction with the next focus on daily SMA200 at $0.2290, closely followed by a psychological $0.2300. 

XRP/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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