Tanya Abrosimova
Independent Analyst
- Binance denies the rumors, but XRP is still strong.
- Bulls target at $0.90 and $1.00, but a short-term correction is likely.
Ripple is trading at $0.8600 with the upside capped by 100-DMA. The coin touched 40.9372 on Friday amid general altcoins recovery, but the momentum seems to be fading away. Further progress is questionable as market players need time to weight the recent stellar rise and consolidate profits. It means that a period of sideways trading with downside bias may be in store for Ripple.
From the technical point of view, XRP/USD sentiments remain positive as long as it stays above $0.6650 support created by 50-DMA. Once it is broken, the sell-off may gain traction and take the price towards $0.6000 with the ultimate bearish goal at $0.5000. On the upside, $1.000 is out of reach as of yet, but a sustainable move above $0.9000 will make it possible.
Interestingly, RIpple didn't crash when Binance denied the information about introducing altcoins/fiat exchange rates, which means that this was not the key reason behind the coin's rise.
XRP/USD, the daily chart
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