Ripple price update: XRP/USD why $0.2250 and $0.2350 hurdles must come down?


  • Ripple defends the channel support once more, forcing a shallow correction towards $0.2250.
  • The short term technical picture is improving in favor of the buyers.

Ripple is the most bullish cryptocurrency among the top three. The price has corrected upwards 1% on Tuesday towards the end of the Asian session. Bitcoin is trading 0.37% higher and not far from Ethereum’s 0.32%. The entire cryptocurrency market is facing high volatility levels.

XRP bulls continue to push for recovery within an ascending channel. The channel support and resistance have been tested on several occasions. For now, XRP teeters at $0.2224 after a shallow correction from the channel support.

The immediate upside is limited by the 100 SMA on the 2-hour char t at $0.2238. The 50 SMA will also hinder growth at $0.2256. For XRP to forge a path of recovery heading to $0.30, the short term hurdles at $0.2250 and $0.2350 must come down.

The trend seen with the RSI suggest that a sideways trading action will take over in the coming session. The bulls, however, have the upper hand especially, with the 50 SMA holding ground above the 100 SMA.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP and ADA on fire, BTC lags behind

BTC/USD has barely changed since this time on Tuesday. The first digital asset is changing hands at $9,273 after a move to $9,380 on Monday. 

More Cryptocurrencies News

Ripple Technical Analysis: XRP/USD bears take price below $0.185

XRP/USD bears remained in control for the second straight day as the price fell from $0.1852 to $0.1848. Despite the bearish price action, the Elliott Oscillator has had seven consecutive green sessions ...

More Ripple News

Ethereum Price Analysis: Will bulls reach $240 in current bounce?

The positive mood remains on the cryptocurrency market. While Bitcoin (BTC) is rising slightly, altcoins are outperforming the leading crypto. The top gainer from the 10 most popular coins is Bitcoin SV (BSV) ...

More Ethereum News

LTC/USD retests $45 seller congestion zone, where to next?

Litecoin bulls have engaged higher gears in their quest to push the price above $50. From the highs traded in June around $50, LTC/USD embarked on an exercise of trimming gains to the extent of dropping under $40.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC volatility drops to a year low, get ready for a spiral drive

The week was tough for the cryptocurrency markets confined to tight ranges. Bitcoin has lost 1% of its value during the recent seven days with the trading range limited by $9,298 on the upside and $8,933 on the downside.

Read the weekly forecast

BTC

ETH

XRP