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  • Ripple price action locked between the simple moving average support and resistance in the four-hour range.
  • Following the majestic correction above the trendline resistance, XRP has formed short-term support at $0.25 (100 SMA).

Ripple bulls towered the cryptocurrency market with more than 7% gains in value on Monday. This followed the announcement that the blockchain company has acquired a cryptocurrency trading platform to help push its cross-border agenda in Europe. The bullish has spilled over into the second day of trading this week with Ripple price spiking 0.73% during the Asian hours.

The upward correction, although minor is in tandem with the correction across the market. All the top three assets are in the green led by Ether which is up 1.08% and Bitcoin at 1%. The general market leader is EOS with gains in the excess of 4% on the day. The entire market is in the green as a sign of the return of the bulls.

Ripple price after taking advantage of the support accorded to it following last week’s plunge to lows around $0.2168. The bullish action stepped above the trendline resistance before pushing the gains in an impressive engulfing candle. XRP also stepped above the 50 simple moving average (SMA) around $0.25. Higher movement above $0.26 is being slowed by the impending 100 SMA on the four-hour chart resistance.

From a technical perspective, the bullish card will continue to stir the market upwards. The relative strength index keeps grinding towards the overbought (70) while the moving average convergence divergence (MACD) has crossed into the positive territory. The immediate support is the 100 SMA but the major support remains between $0.2168 and $0.23.

XRP/USD 240′ chart