Ripple Price Update: XRP/USD may return to $0.2000 before another bullish wave


  • XRP/USD has settled above $0.2000 amid improved market sentiments.
  • A short-term set-back will be followed by another bullish wave.

Ripple’s XRP settled above $0.2000, which is a positive signal for the coin in the short run; however, the further upside momentum seems to be limited for now. At the time of writing, XRP/USD is changing hands at $0.2049. The coin has gained over 1.2% since the beginning of the day and stayed unchanged on a day-to-day basis, moving within a short-term bullish trend amid expanding volatility. The intraday high is registered at $0.2016, while the current intraday low is $0.2013. Ripple moved back to the third position in the global cryptocurrency rating with the market capitalization of $9 billion. 

XRP/USD: Technical picture 

XRP/USD settled above the daily SMA50 (currently at $0.2010) and managed to clear a strong resistance of $0.2030 created by a combination of technical indicators, including 38.2% Fibo retracement for the downside move from February 2020 high. The next local resistance is created by the upper line of the daily Bollinger Band $0.2080 and psychological $0.2100. A sustainable move above this area will open up the way towards the next barrier created by daily SMA200 at $0.2150. Ripple’s price has been moving below this MA since the end of February. Moreover, it stopped the recovery in the beginning of May.

XRP/USD daily chart

On the intraday chart, XRP/USD recovery is capped by 1-hour SMA50 at $0.2050. If this resistance is rejected, the price may return to the channel support created by a combination of the lower line of the 1-hour Bollinger Band and 1-hour SMA100 at $0.2015. This barrier followed by a psychological should create strong support for the price and serve as a jumping-off ground for the next bullish movement.

XRP/USD 1-hour 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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Solana price eyes new all-time highs before taking a breather

Solana (SOL) price has successfully broken out of the descending top line that was keeping  SOL price trapped below $200. The breakout rally began  at the level of the 50-day Simple Moving Average (SMA), a level which has provided support on several previous occasions. 

More Solana News

Terra hits new record in total value locked ahead of 10% of LUNA supply burn

Terra money ecosystem got its first play-to-earn game Flokiverse that offers passive income to players.Over 100 projects are lined up for launch on the Terra network, a new wave of TeFi. Proposal 128, to initiate IBC on Terra, has passed; DeFi interchain highways for Cosmos ecosystem have arrived.

More Terra News

Polkadot price bound for 50% breakout if DOT bulls can overcome this hurdle

Polkadot price is currently facing a decisive moment as it trades between two significantly troublesome barriers. While overcoming these hurdles will be trying, doing so will lead to a volatile move.

More Polkadot News

BNB to rise over 30% as Binance Smart Chain proposes to burn BNB fees like Ethereum

Implementing a burning policy triggered the “Triple Halving” in Ethereum, driving a supply shortage of Ethereum in circulation. In a similar way, Binance proposes to burn Binance Coin in every transaction. 

More Binance Coin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP