Ripple price gives up some of yesterday’s sharp gains, but the bulls managed to pare heavy morning loses. Ripple has gained over 18% in the last four trading sessions reversing the bearish bias that was driving XRPUSD the last two months.
Yesterday’s sharp move breached above the 50 and 100 days moving average as the bulls returned emphatically from two-month lows. In the correction, today Ripple approaches the 100-day moving average but managed to rebound sharply up to 0.2049.
The recent rally in Chinese equities has boosted cryptocurrencies. XRP capitalization surpassed $9.02 billion while the trading volume in the last 24 hours has reached 1.67 billion above the average volume.
Bitcoin (BTCUSD) is 0.58% lower at 9,378, Ethereum (ETHUSD) is 0.53% lower at 245.84 while the Litecoin (LTCUSD) is 0.13% lower at 45.27.
Ripple Daily Technical Analysis
Ripple price is 0.31% lower at $0.2051 as the bulls are in control at least fr the short term. The longer-term picture remains bearish below the 200-day moving average. If Ripple stays for some trading session above 0.1950, we might see another leg higher.
Traders have shifted their attention to higher levels; the first resistance for Ripple will be met at $0.2064 the daily high. If Ripple breaks above $0.2064, the next strong resistance will be met at $0.2086 the 200-day moving average. A break above 0.2086, might open the way for a move to the next resistance for Ripple at $0.2142 the high from June 2.
On the other side, the initial support for Ripple stands at $0.1976 the daily low. The next support for XRPUSD will be met at $0.1952 the 100-day moving average. If Ripple breaks below 0.1952, the price could correct further towards the $0.1842 the low from July 8.