Tanya Abrosimova
Independent Analyst
- XRP/USD skied above $0.40, hit the highest level since December 2018.
- The correction may take the coin towards $0.35.
The second largest stock exchange in Germany Börse Stuttgart Group listed two Exchange Traded Notes (ETNs) based on digital assets. The new instruments will enable traders to benefit from Litecoin and XRP price movements. The trading is available as of May 13.
This development might have become an initial trigger for XRP’s stellar growth. The coin surpassed $0.40 and touched $0.4043 high on Tuesday, which is the highest level since the end of December 2018. While the coin has retreated towards $0.3870 by the time of writing, it is still over 20% higher on a day-on-day basis.
Looking technically, XRP/USD broke above SMA50 weekly, which is a positive signal for the long-term bulls.. Considering that the coin is deeply overbought, we may be in for a short-term correction towards $0.3800, supported by the previous month high. Once it is cleared, the downside is likely to gain traction with the next focus on $0.3500 with DMA200 located below this handle.
On the upside, a sustainable move above $0.3900 will bring $0.40 back into focus. However, we are in a pretty uncharted territory here with little obstacles on the way to the North.
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