- Ripple resumed thee growth and moved above critical resistance.
- We will need to see follow-through to confirm the upside momentum.
Ripple’s XRP made its way above $0.30 and topped at $0.31. At the time of writing, XRP/USD is changing hands at $0.3040, up 4% on a day-to-day basis. The third digital coin with the current market capitalization of $13.2 is moving within thee short-term bullish trend; however, the further upside may be limited by a series of technical barriers.
Let’s have a closer look at the technical picture for XRP/USD
Looking technically, a sustainable move above $0.3000 can be interpreted as a bullish signal; though the upside may be limited by the upper line of the Bollinger Band on a daily chart (currently at 0.3100). This level coincides with the intraday high and creates a strong resistance that has been limiting the recovery since October 25.
Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $0.3200 and SMA200 at $0.3260.
On the downside, a sustainable move below $0.3000 will take the price back inside the range and negate an immediate bullish scenario. Strong support of $0.2960is created by the rising trendline from September 26 low. XRP/USD has been moving above this line since October 25. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2900.
XRP/USD, daily chart
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