- Bitcoin leads market recovery on fathers’ day as Ripple bulls return.
- XRP/USD is still bullish and has the potential to stay above $0.4200 in the short-term.
The cryptocurrency market embarked on an upward roll yesterday, a day that is used to celebrated fathers around the world. Majority of the major cryptocurrencies reversed the trend and gained tremendous momentum above critical levels. For instance, Ripple scaled the levels above the recent key support at $0.39 to highs above $0.4400.
The ‘father’ of cryptocurrencies Bitcoin crowned the day with formidable gains above $9,000. Bitcoin rose further to new 2019 high and the highest level in over a year around $9,392. The trend stalled under $9,400 but BTC is still hovering above $9,200 at the time of writing.
XRP/USD 4-h chart
Looking at the 4-hour chart for XRP/USD trading pair, we see an asset that has strongly pushed for a reversal from declining prices with a falling wedge pattern. Just before June, XRP tested the highs around $0.4800 but failed to sustain movement towards $0.5. Instead, the price headed for the bottom dropping gradually under $0.4000 and even teste the support at $0.3650.
However, last week’s trading was utilized to find balance amid widespread indecision on the market. Ripple remained pivotal at $0.4000 for a few days before the weekend surge pushed it above $0.4200 resistance, in turn, opening the door for gains that formed a new weekly high around $0.4472.
XRP/USD currently trades at $4300 after the correction from the above-mentioned highs. Moreover, the price is battling to establish support at $0.4200. Besides, XRP is trading above the moving averages with the 100 Simple Moving Average (SMA) staying above the 200 SMA 4-h to show that the bulls still have the influence.
Technically, XRP is still bullish and has the potential to stay above $0.4200 support and forge another move above $0.4400 by staying focused to highs between $0.4800 and $0.5000.
Ripple Key Technical Indicators
RSI 4-h: Sideways movement above 60.00 signals continuing bullish pressure, enough to sustain XRP above $0.4200.
100 SMA above 200 SMA: Key indicator of bulls’ influence on the price.
Key Support Areas: $0.4200, $0.4000 and $0.3650.
Key Hurdles: $0.4400, $0.4800 and $0.5000.