- Ripple bulls cling tight to the upward momentum following a break above the 38.2% Fibonacci level.
- Bitcoin clears the path to $12,000 after sending $10,500 in the rearview.
Ripple made some amazing sweeping moves during July’s last week’s trading. In addition to rising above a tough resistance zone at $0.23, the fourth largest cryptocurrency has proved that it has a formidable bullish case towards $0.30. This follows a break above another key resistance hurdle at $0.25.
The trading on Saturday has seen Ripple start the month of August in the green by ascending to highs around $0.2693. The rally was more or less in tandem with Bitcoin (BTC) surge above this week’s barriers at $11,200 and $11,400. BTC/USD soared to highs above $11,500 and even pierced through the next hurdle at $11,600. Bitcoin is valued at $10,634 at the time of writing amid a growing bullish momentum.
Ripple technical analysis
Ripple price action has been bullish since it broke above descending trendline resistance (since May). The move also coincided with the break above the 50-day SMA and the longer-term 100-day SMA. Massive gains came into the picture after the seller congestion at the 38.2% Fibonacci level resistance was pushed in the rearview. Since then, the price has remained mainly in the hands of the bulls.
At the moment, the RSI sharp ascent within the overbought region shows that the price action to $0.30 is likely to occur this weekend. The same bullish scenario is emphasized by the divergence above the MACD even as the indicator moves higher in the positive region. XRP/USD is trading at $0.2665 but buyers have eyes on $0.28 resistance as it would function as the springboard to $0.30.
XRP/USD daily chart
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