- Ripple short-term is a bullish bias after pumping above $0.3700.
- While the bullish momentum has lost steam, retracement from the intraday high has been limited at $0.3600.
Ripple has today proved to the cryptocurrency universe that it has the potential to defy the market’s sideways forces and record formidable gains. The more than 10% rise on the day has place XRP/USD on the leaderboard in terms of recovery. The third largest crypto resumed the uptrend breaking above $0.3700 for the second day this week.
Prior to the gains on Friday, XRP/USD suffered losses below $0.3300 key support. The 100 SMA 1-hour worked as the line drawn in the sand preventing further declines. The correction appears to have been necessary for the bull’s comeback. XRP/USD reversed the trend above the 50 SMA 1-hour stepped above $0.34. A bullish engulfing candle sprung upwards past $0.3700 and gains brushed shoulders with $0.3800.
While the bullish momentum has lost steam, retracement from the intraday high has been limited at $0.3600. XRP/USD is changing hands at $0.03677 at the time of press amid a building bearish momentum.
Relative Strength Index (RSI) 1-hour
The RSI has in the past few days been retreating further from the overbought region. The indicator explored levels below 50 and formed a low at 41.63 on Thursday. The RSI, however, corrected higher and touch 70 during the day’s surge in the Asian session. Although the indicator has retracted to 57.83, it remains positive. Therefore, in the short-term XRP/USD is likely to forge a sideways trend above $0.3600. Moreover, for the price to rise to $0.4000, there must be a reversal above $0.3700 (initial resistance) and $0.3800 (second resistance).
As far as key support levels are concerned, $0.3600 is the short-term support. It is followed closely by $0.3500, the 50 SMA currently at $0.3444, the 50% Fib level 2-hour chart, $0.3300 (recent support), $0.3100 and the primary support at $0.3000.
Ripple has a bullish short-term bias according to the applied indicators. The continued uptrend mainly linked to the news surround Ripple in the crypto industry. For instance, a recent announcement from RationalFX said that the London-based company will leverage xCurrent for its cross-border money transfers. RationalFX is said to be trading 50 currencies with over 180,000 people spread across the world.