Tanya Abrosimova
Independent Analyst
- XRP/USD gains 7% on a day-on-day basis amid strong upside momentum.
- The critical resistance is created by psychological $0.50.
Ripple’s XRP spiked to $0.47 during Asian hours as the majority of altcoins has come to life and headed to new highs. At the time of writing, XRP/USD is changing hands at $0.4640, having gained over 4% since the beginning of Thursday and over 7% since this time on Wednesday. XRP now takes the third place with the current market capitalization of $19.3 billion and an average daily trading volume of $2.8 billion.
Looking technically, XRP/USD is supported by psychological $0.46. A sustainable move below this handle will open up the way towards the next bearish aim of $0.4450, strengthened by SMA50 Simple Moving Average) on 30-min chart. This area will slow down the retracement and may serve s a basis for another bullish leg. However, once it is cleared, the sell-off is likely to continue towards 23.6% Fibo retracement at $0.4270 with SMA200 (30-min) located marginally below this barrier).
On the upside, the initial resistance is created by the recent high of $0.47, though the ultimate bull’s aim awaits us on approach to $0.50. This resistance is a hard nut to crack for the bulls, though, once it is out of the way, the upside is likely to gain traction with the next focus on $0.5660 (November 2018 high).
XRP/USD, 30-min chart
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