- XRP may resume the upside after a temporary correction.
- The forecast is favorable as long as it stays away from $0.33.
XRP is changing hands at $0.3435 at the time of writing. The third largest digital coin touched $0.3579 high late on Tuesday amid overall positive momentum across all major cryptocurrencies. XRP/USD is mostly unchanged on a daily basis and nearly 3% down since the beginning of Wednesday. Its market value is registered at $13.5B, while an average daily trading volume is $303M, double from what was recorded on Monday.
Ripple’s technical picture
A sustainable movement above $0.33 handle creates a positive technical background, suggesting that more upside is possible. However, the bulls surrender $0.35, which may lead to an extended downside correction before the uptrend is resumed. The local support is created by SMA50 (1-hour chart) at $0.34, followed by SMA100 (1-hour chart) at $0.3323. If this area gives way, the overall trend will start to creak at the seams.
On the upside, the local resistance is set at $0.350 with a bunch of technically essential levels including 38.2% Fibo retracement on approach. Once it is cleared, the upside may be extended to Tuesday’s high at $0.3579 and $0.36.
XRP/USD, 1-hour chart
Share
