- Ripple, alongside Litecoin and Ethereum, has been among the leading altcoins today.
- The bulls have their eyes on $0.50 in the medium-term.
In the wake of the G20 group summit in Japan, cryptocurrencies are in the green with most of them pushing against key resistance levels. The central bank governors and the finance ministers agreed that cryptocurrencies are not a threat to the financial system. Moreover, the countries are committed to the soon to be released standards TAFT.
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Ripple, alongside Litecoin and Ethereum, has been among the leading altcoins following the broad-based recovery. Bitcoin also corrected above $8,000 and even touched $8,100 while NEO touched the resistance at $12.50.
XRP/USD is currently trading 4% higher today from lows around 0.3803. Although it has hit intraday highs of $0.4046, XRP is changing hands at $0.4 at press time. The confluence detector highlights the initial support at the same $0.4 level. The support provided by a cluster of technical indicators including the previous high 4-hour, previous high 1-hour and the previous high 15’.
The next support lies at $0.3841 as highlighted by the previous week low, the 23.6% Fib level daily, Pivot Point 1-week S1, Bollinger Band 4-hour Lower, Bollinger Band 15’ lower and the previous low 4-hour. A couple of more support levels will ensure that extended declines are cushioned at $0.3675 and $0.3634.
As far as recovery is concerned, XRP has to establish support above $0.4 in order to trend to higher levels. Initial resistance is seen at $0.4048 with the Fibonacci 23.6% weekly, the Fibo 38.2% 1’ and the BB 15’ upper providing the confluence. If Ripple manages to clear this level, the next strong resistance is at $0.4338.
The bulls have their eyes on $0.50 in the medium-term but for now, support above $0.4 is key to upside movement.
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