Ripple's Price Analysis: XRP/USD settles above $0.1700, bullish sort-term trend confirmed
- XRP/USD is bullish as long as it stays above $0.1700.
- The critical local resistance is created by Saturday's high at $0.1800.
Ripple's XRP is one of the best-performing coins out of top-10. The coin has gained over 2% on a day-to-day basis and settled above technically important $0.1700 despite bearish sentiments on the market. At the time of writing, XRP/USD is changing hands at $0.1730. Ripple's market capitalization reached $7.6 billion, while average daily trading volumes settled at $2.2 billion.
XRP/USD: Technical picture
On the intraday charts, XRP/USD is moving within a short-term bullish trend with the initial critical support at $0.1700. This barrier is reinforced by the upside trend line on the 1-hour chart and the lower line of the 1-hour Bollinger Band. If it is broken, the sell-off may gain traction and bring $0.1760-$0.1670. This area served as a support area and stopped the decline on Saturday. Also, it blocks the way to a critical $0.1600.
On the upside, the local resistance is created by the middle line of the 1-hour Bollinger Band at $0.1740. It is closely followed by the upper line of the same Bollinger Band at $0.1770 and psychological $0.1800 coupled with Saturday high ($0.1803). A sustainable move above this level is needed for the upside to gain traction with the next short-term target at $0.1886 (March 27 high) and $0.1900.
XRP/USD 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
