Ripple’s XRP defies gravity with 6% rise

XRP/USD recovers from hibernation to become one of the best-performing altcoins of the day.
The long-term bulls' target is created by $0.3000.

Tanya Abrosimova Independent Analyst

Ripple’s XRP catapulted from under $0.2400 to $0.2580 in a matter of hours. At the time of writing, XRP/USD is changing hands at $0.2550 with over 6% of gains since the beginning of the day. The coin has been dozing in a tight range for the past several days, however, not it is one of the best-performing alt coins out of top-20.

XRP/USD, the short-term technical picture

Ripple’s ascend can be attributed to a general improvement of the cryptocurrency market sentiments. Bitcoin (BTC)’s recovery from the recent lows and a move above critical $8,000 helped the altcoins to start an upside correction.

On an hourly chart, XRP/USD jumped above SMA200 (Simple Moving Average) and the upper line of the Bollinger Band for the first time since September 23. The coin is strongly overbought, which implies that we witness a retreat towards the initial support at $0.2550 created by the above-said the upper line of the Bollinger Band. It is followed by psychological $0.2500 with SMA200 one-hour located on approach.

On the upside, a sustainable move above $0.2600 will attract new buyers to the market and allow for an extended recovery towards SMA50 daily at $0.2660/ The next bulls’ target awaits us on approach to $0.30 (a confluence of SMA100 daily and the upper line of a daily Bollinger Band)