• 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-rsquo;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-rsquo;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.

XRP Price Analysis
Chart Source: Tradingview

Also Read:- Bitcoin [BTC] Price Analysis: Breakout Impends Amid Extremely Overbought Conditions

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-rsquo;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.

The post Ripple [XRP] Price Analysis: XRP/USD Rallies the Crypto Market as it Spikes Up 10% appeared first on Coingape.

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