Ripple's Price Analysis: XRP/USD sell-off rejects from upside trendline, next target is $0.1730
- XRP/USD recovered from $0.1630, the upside momentum gains traction.
- The next resistance is created by SMA100 1-hour at $0.1730.
Ripple's XRP is changing hands at $0.1720, with over 6% gains since the beginning of the day. The third-largest digital asset with the current market value of $7.3 billion has been moving in sync with the broader cryptocurrency market. Major coins are recovering after a major sell-off that took place ahead of the Asian opening.
New COVID-19 statistics show that the worst is not over yet, Numbers of new cases and deaths continue climbing. By press time, there are 718, 116 registered cases and 33, 887 fatalities. The unnerving figures put pressure on the global financial markets and increase anti-risk sentiments.
XRP/USD: Technical picture
On the intraday charts, XRP/USD sell-off stopped on approach to the upside trendline and SMA200 1-hour (currently at $0.1630). An bullish momentum helped the price to recover above SMA100 1-hour ($0.1685), however, psychological $0.1700 slowed down the upside move. Now that it is out of the way, the upside is likely to gain traction with the next focus on $0.1730 (SMA50 1-hour) and psychological $0.1800 coupled with Saturday high ($0.1803).
On the downside, a sustainable move below the said trendline will open up the way to $0.1600. If it is broken, the sell-off may continue towards $0.1500 and $0.1449 (March 23 low).
XRP/USD 1-hour chart
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Author
Tanya Abrosimova
Independent Analyst
