- XRP/USD moved above that barrier that limited the recovery in recent days.
- An upward-looking RSI bodes well for XRP short-term bulls.
Ripple has been gaining ground rapidly amid the recovery on the cryptocurrency market with SMA100 1-hour now coming into view. The third-largest digital asset with the current market value of $6.6 billion, has increased by 7% on a day-to-day basis and hit the intraday high at $0.1551. At the time of writing, XRP/USD is changing hands at $0.1540.
XRP/US: Technical picture
XRP/USD broke free from the recent range amid the global recovery on the cryptocurrency market. A sustainable move above the barrier of $0.1500 improved the short-term technical picture; however, we will need to see an increase above SMA100 1-hour (currently at $0.1570 for the upside to gain traction). Once this happens, psychological $0.1600 followed by $0.1690 (the highest level of the current consolidation range) will come into view.
If the price moves back below $0.1500, XRP/USD will enter a range-bound phase with a bearish bias. The next support comes at $0..1447 (the intraday low reinforced by a confluence os SMA100 1-hour and the middle line of 1-hour Bollinger Band). A sustainable move below this level will attract more short-term sellers to the market and bring $0.1400 into focus. However, the upward-looking RSI on an hourly chart implies that the price may continue growing in the short run.
XRP/USD 1-hour chart
-637202193226053301.png)
Share
