- Ripple holds above $0.20 after rejection from the weekly high above $0.21.
- XRP/USD renews bullish momentum on Saturday with gains testing the short term resistance at $0.2050.
Ripple is slowly repairing its image in the eyes of its investors. For a long time the crypto has been singled out as one of the most underperforming digital assets. Recovery has not been forthcoming for XRP, especially after the “Black Thursday” crash in March: Ripple plunged to $0.11. The trading in May and June was characterized by dominant selling activities with the price diving back to $0.1650.
The month of July has been kind to Ripple considering that its value has increased significantly to levels above $0.21. Unfortunately, it became difficult for the bulls to sustain gains towards $0.25. Instead, there was a minor adjustment on Friday with Ripple containing the gains around $0.20.
The trendline as well as the 100 SMA in the hourly timeframe aided in holding the price above $0.20. Meanwhile, Ripple has recovered significantly to test the short term hurdle at $0.2050. The seller congestion at this level is a hard nut to crack resulting in a shallow slide to $0.2031 (prevailing market value).
From a technical perspective, Ripple is poised for more upward action. Looking at the MACD and the RSI, it is apparent that buyers have the upper hand. The latter is holding the position above 60 while the MACD has corrected into the positive region. Moreover, the gap made by the 50 SMA above the 100 SMA emphasizes on the bulls’ position in the market. Gains above $0.2050 and $0.21 would pave the way for more action towards $0.25.
XRP/USD 1-hour chart