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Ripple price analysis: XRP/USD at $0.50 is not science fiction anymore

  • XRP/USD settles above $0.4200 amid strong bullish sentiments.
  • The coin may proceed to $0.5000 in the foreseeable future.

XRP/USD hit $0.4470 during early Asian hours amid strong rally supported by positive fundamentals. While the coin retreated to $0.4253 by the time of writing, it is still nearly 5% higher than this time on Monday. XRP takes the third place in the global cryptocurrency rating with the current market capitalization of $18 billion and an average daily trading volume of $2.8 billion.

Ripple’s technical picture

The strong support for the coin lies with the psychological level $0.40, strengthened by 38.2% Fibo retracement. Once it is out of the way, the downside momentum may gain traction with the next focus on $0.3940 (SMA50, 4-hour) and $0.3870 (SMA100 4-hour), followed by $0.3780 (50% Fibo retracement). Also, a significant barrier is created by $0.3600 area that stopped the decline twice since the middle of May.

On the upside, a sustainable move above $0.4400 will open up the way to May 16 high $0.4715. A move below this handle will open up the road towards SMA100 weekly at $0.4967 and the next bullish aim $0.50, not seen since November 2018.

XRP/USD, 4-hour chart


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