Ripple Blasts Past $0.30 Despite Tether Swinging Into The Third Spot Again

By John Isige
Published September 2, 2020 Updated September 2, 2020
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Ripple Blasts Past $0.30 Despite Tether Swinging Into The Third Spot Again

By John Isige
Published September 2, 2020 Updated September 2, 2020
  • Ripple could retake its third spot in the market especially if gains are contained above $0.30.
  • XRP/USD would seek support at the 12-day SMA, the 21-day SMA and the 61.8% Fibo in the event of a reversal.

Ripple price is currently hovering above $0.30 after a significant growth pattern from the weekend lows at $0.26. There was an extreme struggle at $0.29 but the generally up-trending cryptocurrency market made it achievable. In August, XRP spiked above $0.30 severally but failed to hold above $0.3250 (monthly high). This dented the bulls’ morale because containing the gains above $0.30 become a big challenge.

The surge above this critical level, comes amid Tether (USDT), expanding market share. This is not the first time XRP is losing its predominantly third position to the largest stablecoin. At the time of writing, data by CoinMarketCap shows USDT’s market capitalization at $13.432 billion. It is marginally higher than that of XRP, currently at $13.430 billion.

On the bright side, the ongoing rally has just commenced. Trading above $0.30 is key to the bulls as it is likely to give XRP a boost above the next hurdle at $0.3250. More buyers are likely to join the market as long as XRP proves that it is able to hold above $0.30 short term support.

Related reading: Ripple Price Forecast: XRP/USD Must Reclaim $0.30 To Get The Bullish Mojo Going – Analyst

XRP/USD daily chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Meanwhile, the technical picture is in support of the bullish trend experienced from the support provided by the 61.8% Fibonacci level of the last swing high at $0.3469 to a swing low of $0.1109. For now, buyers will remain at the helm of the price actions but in case of a reversal below $0.30, the 21-day SMA and the 12-day SMA will come in handy. The MACD and the RSI clearly show that in the short term, bulls will remain in dominance.

Ripple Intraday Levels

Spot rate: $0.3001

Relative change: 0.00292

Percentage change: 0.96%

Trend: Bullish

Volatility: Expanding

Related reading: Bitcoin Price Forecast: BTC/USD Still Stuck Under $12k; BTC Market Dominance Plummets


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1154 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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