Ripple has caused a lot of heartburn to its investors. At the current price, it is still down about 67 percent from its peak. It has been trading in a small range for the past five days and is not finding much interest among the buyers.
However, we believe that if the XRP/USD pair breaks out of the 20-day EMA and the downtrend line, we can expect it to attract further buying, which can propel it towards the overhead resistance of $1.74. Looking technically, next target will be to reclaim the phycological $1.00 mark once again, after clearing $0.80 resistance. Firm support for XRP/USD, will now be the initial resistance, which will sit at $0.80, 50DMA.
Our view of a short-term bottom will prove to be wrong if the cryptocurrency breaks down of the lows formed on February 06.
- - XRP/USD up over 25% during trading on Friday
- - $0.80 resistance taken out
- - Next target will be physiological $1.00 level
Recovery has been strong for XRP/USD from the lows earlier in the week, at $0.57, up over 60% since these lows were produced. Investors will be optimistic that there can be a good road of retracement for the crypto, although, it is still 250% away from its highs on the 1st January at around $3.40