Ripple Price Analysis: XRP/USD Surges 5% Thoroughly Outshining Bitcoin and Ethereum
- Ripple is standing tall above the cryptocurrency horizon with gains hitting $0.1950.
- XRP/USD bulls must establish support above $0.19 for a smooth ride above $0.20.
Ripple is at the forefront of recovery in the cryptocurrency industry. It is as though the cryptoasset has decided to give back to the investors who have been battered greatly over the last couple of months. The recovery staged from the lows traded in March hit a wall at the 50% Fibonacci retracement level taken between the last swing high of $0.3482 a swing low of $0.1114 around $0.2294.
Read also: Ripple Price Prediction: XRP/UISD Overcomes Channel Resistance, Is $0.20 Coming Down Next?
Since the beginning of May, Ripple has continued to lose its ground until it recently found support at the 23.6% Fibonacci level ($0.1672). Buyers have taken back control of the price with XRP/USD jumping above $0.19. Ripple is out-performing the other major cryptoassets such as Bitcoin (up 0.36%) and Ethereum (up 0.59%).
At the time of writing, Ripple is doddering at $0.1945 while fighting to rise above the resistance at the 100-day Exponential Moving Average (EMA). Glancing farther up, more resistance is expected at $0.20 (38.2% Fibo) and at $0.23.
XRP/USD daily chart
For now, the path of the least resistance is upwards as supported by the RSI and the MACD. The RSI is pointing sharply upwards and could soon hit the overbought region. At the same time, the MACD is about to cross into the positive territory. Traders should be on the lookout for movement higher above the midline as it would signal a possible breakout past $0.20.
If a reversal comes into play, Ripple could be cushioned from the fall at $0.19, $0.1850 and the main support at the 23.6% Fibo. Generally, the trend is bullish and likely to remain intact in the remaining Asian session and the upcoming European session.
Read more: Ripple’s ODL Services Observes All-Time Low On Multiple Corridors
Ripple Key Intraday Levels
Spot rate: 0.1945
Relative change: 0.0089
Percentage change: 5%
Trend: Bullish
Volatility: Low
XRP/USD bulls must establish support above $0.19 for a smooth ride above $0.20
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Wed, 08 Jul 2020 03:01:10 +0000
![Filecoin [FIL] Down By Over 50%; Is Filecoin Losing Steam?](https://thebitcoinstreetjournal.com/storage/2020/10/eK0L0K.gif "Filecoin [FIL] Down By Over 50%; Is Filecoin Losing Steam?")
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram