- Ripple price is dancing with $0.57 while the trend is slightly bullish.
- XRP/USD remains strongly supported above $0.50.
- Ripple has a market cap of $23,135,329,737 in comparison to Ethereum’s $ $23,505,221,158.
Ripple was the best performing cryptocurrency among the top 10 coins in September. Although the journey to the moon has slowed down considerably, XRP/USD continues to maintain trading at high levels in comparison to other digital assets. The uptrend that started on September 20 brushed shoulders with $0.75 while its trading volume and market cap briefly surpassed that of Ethereum (ETH).
There is a contracting triangle that has been formed pending a breakout in the near-term. In the wake of the September surge, it is believed profit-taking by investors who had been locked in the lower positions led to the trimming of gains from $0.75. However, XRP/USD remains strongly supported above $0.50 while the trend is still favoring the bulls. The price opened the trading on the first day of October with slight bear corrections. There was a drop from the highs at $0.60 but the downside has been protected by the 50SMA (hourly chart).
Significantly, the bullish trendline is also offering support above the 100SMA on the same chart. XRP/USD is trading at $0.578 with the upside capped at $0.60. Beyond this level, the triangle resistance is a hindrance to further upside movement heading to $0.65. For a bullish breakout towards $0.70, XRP buyers must escape the resistance levels mentioned and focus on $0.65 and establishing a support above $0.60. On the flipside, the triangle support must not be broken, otherwise, the immediate support at $0.550 could be broken as the price heads towards $0.50.
Looking at the chart, XRP/USD is bullish but lacks the momentum and catalyst to sustain upside movement. The mundane trading session on Monday has reducing Ripple price to a sitting duck waiting for either the bulls or the sellers to pounced and devour it.
Lastly, Ripple is ranked the 3rd largest crypto in the market. It has a market capitalization of $23,135,329,737 in comparison to Ethereum’s of $ $23,505,221,158. Its trading volume currently stands at $ $1,224,109,114 while that of Ethereum is $1,698,566,414. According to this figures, Ripple only requires a slight push and it will zoom past Ethereum claiming the second position. Meanwhile, maintaining the levels above $0.50 is key for higher retracement above $0.60 and eventually $0.70.
XRP/USD hourly chart -636739940093152461.png)
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