For the last few weeks, the cryptocurrency market has been in a bullish trend. With some reaching new 2020 highs, Altcoins and Bitcoin (BTC) have registered enormous gains. Ripple (XRP) managed to bring down the barrier at $0.30 and even hit $0.3262 before a reversal took place. XRP/USD rebounded from the $0.2838 intraday low, which is still well beneath the $0.3262 high in the prior session. In today’s trading, following the retracement, XRP/USD bulls are returning to gain control over $0.3000. Around the time of writing XRP/USD is riding high around $0.3099. After the start of the day, the coin has earned more than 6.5 percent and 3 percent in the last 24 hours to rank as the best-performing coin out of top-20. With its prevailing market capitalization of $13.56 billion and an average daily trading volume of $3.16 billion, XRP takes 3rd place in the global cryptocurrency market. XRPL Labs, a development studio backed by Ripple, provides insights on the XRP-focused banking app Xumm. The app enables users to hold and spend the native token XRP from Ripple to encourage individuals to become their banks.
*XRP/USD rebounded from the $0.2838 intraday low, which is still well beneath the $0.3262 high in the prior session
*In today’s trading, following the retracement, XRP/USD bulls are returning to gain control past $0.3000
*XRPL Labs, a development studio backed by Ripple, provides insights on the XRP-focused banking app Xumm
Key Levels
Resistance Levels: $0.3463, $0.3262, $0.3100
Support Levels: $0.2850, $0.2500, $0.2357
XRP/USD Daily ChartRipple’s price activity has been bullish as observed on the daily, as it has been staying beyond ascending trendline support since May. The step also correlated with the breach beyond MA 50 and the MA 200 for a longer time. A lasting push beyond this region has enabled the upside to gain traction. With the bottom horizontal barriers out of the path, the $0.3100 may come into view after the $0.3000. Keeping in mind the upward-looking RSI, at this point the bullish scenario remains promising.
In the downside, the support is provided by $0.2850 and followed by the former $0.2500 limiting barrier that has restricted the downturn as of the latest correction. The rally is anticipated to remain in the near term with the Bull market in place. Amongst all, buyers’ objective is to set up more support beyond $0.30. The bulls may now fixate on returns to $0.5 this moment.
XRP/USD 4-Hour ChartThe price reached the intraday high of $0.3117 on the 4-hour chart and has risen nearly 6.5 percent in the last 24 hours and around 3.0 percent since day start. XRP/USD bounced from the $0.2838 intraday low, but it’s still beneath the $0.3262 last session high. Inside the short-term bullish trend, it is now shifting amid market volatility. The upper horizontal resistance establishes local resistance at $0.3100.
Over the weekend, XRP staged another big rally, with the cryptocurrency reaching a fresh 6-month high after marking its biggest rally in the prior session. The technical report reveals that XRP/USD bulls may test to a high level of $0.3463 around 2020 high level over the short-term. The larger context reveals that bulls may be matched to the level of $0.5 while price exchanges beyond the level of $0.3000.
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