Ripple's Price Analysis: XRP/USD struggles to settle above $0.2000 amid improved market sentiments
- XRP/USD broke above psychological resistance of $0.2000 amid strong bullish momentum.
- The ultimate bullish target is created by SMA200 daily.
XRP/USD is changing hands marginally above $0.2000 with over 10% of gains since this time on Monday. The third-largest digital asset with the current market value of $9 billion has been moving in sync with within a strong bullish trend. Ripple's coin registered the intraday low of $0.2052 and the upside momentum remains strong.
XRP/USD: Technical picture
On the intraday basis, XRP/USD is supported by the middle line of 1-hour Bollinger Band at $0.1960. Once it is out of the way, the downside is likely to gain traction with the next focus on psychological $0.1900, reinforced by the lower line of the above-said Bollinger Band. The next support is created by SMA50 1-hour at $0.1870. The critical support is created by the upside trendline currently at $0.1800. A sustainable move Below this area will negate the immediate bullish scenario.
XRP/USD 1-hour chart
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On the upside, the local resistance coincides SMA50 daily and the intraday high at $0.2052. Notably, it is the highest level since the massive sell-off on March 12. Once it is passed, the upside momentum will increase with the next focus on $0.2200 (SMA100 daily) and $0.2360 (SMA200 daily). A sustainablle move above $0.2300 will mean that XRP has recovered 50% of the decline from 2020 high.
XRP/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
