• 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.

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)

XRP/USD, one-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

BTC/USD: Sellers continue to lurk above $11,800, $12K still on cards?

Bitcoin consolidates the rebound on Sunday before the next leg higher. A test of $12K mark remains inevitable amid a potential symmetrical triangle. Upside remains more compelling, in light of a bunch of healthy support levels.

More Bitcoin News

LINK/USD consolidates the 52% surge to record highs of $13.66

Massive short-squeeze sent ChainLink skyrocketing on Saturday. The explosion higher lifted LINK/USD to the sixth most dominant crypto asset. Bulls take a breather after the extensive rally, what’ next?

More Cryptocurrencies News

ETC/USD storms towards $7.20 after symmetrical triangle breakout

The pullback in Ethereum Classic (ETC/USD) from $6.8844 appears to have gathered steam this Sunday, as the coin sees a rapid rise to the intraday highs above $7.15. The coin charts symmetrical triangle breakout on hourly sticks.

More Ethereum Classic News

Top 3 Price Prediction BTC, ETH, XRP: Crypto bears dominate, Ripple breaches $0.29

Ethereum is the main laggard among the top three cryptocurrencies on Sunday. Ripple breaches $0.2900 after rejection just below $0.30. Bitcoin continues to keep its range below the critical barrier at $11,817,

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP