- 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.
You may also like:
“Crypto-assets do not pose a threat to global financial stability,” reaffirms G20 group
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?