- Ripple price action locked between the simple moving average support and resistance in the four-hour range.
- Following the majestic correction above the trendline resistance, XRP has formed short-term support at $0.25 (100 SMA).
Ripple bulls towered the cryptocurrency market with more than 7% gains in value on Monday. This followed the announcement that the blockchain company has acquired a cryptocurrency trading platform to help push its cross-border agenda in Europe. The bullish has spilled over into the second day of trading this week with Ripple price spiking 0.73% during the Asian hours.
The upward correction, although minor is in tandem with the correction across the market. All the top three assets are in the green led by Ether which is up 1.08% and Bitcoin at 1%. The general market leader is EOS with gains in the excess of 4% on the day. The entire market is in the green as a sign of the return of the bulls.
Ripple price after taking advantage of the support accorded to it following last week’s plunge to lows around $0.2168. The bullish action stepped above the trendline resistance before pushing the gains in an impressive engulfing candle. XRP also stepped above the 50 simple moving average (SMA) around $0.25. Higher movement above $0.26 is being slowed by the impending 100 SMA on the four-hour chart resistance.
From a technical perspective, the bullish card will continue to stir the market upwards. The relative strength index keeps grinding towards the overbought (70) while the moving average convergence divergence (MACD) has crossed into the positive territory. The immediate support is the 100 SMA but the major support remains between $0.2168 and $0.23.
XRP/USD 240’ chart
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
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.