Ripple price resumes the upward move today after yesterday’s sharp losses as the positive momentum in the cryptocurrencies sphere continues. While Bitcoin and Ethereum have break above the yearly highs Ripple is the underperformer as for now it is still trading below the 2020 highs.
Ripple has capitalize the risk-on sentiment across all markets as Nasdaq hits consecutive all-time highs, while gold also makes consecutive record highs.
Bitcoin after a short correction return to gains and as of writing add 4.71% at 11,715. Ethereum is 2.21% higher at 398.32. The capitalization of the top 100 cryptocurrencies stands today at 354 billion. Ripple capitalization is at 13.67 billion while the bitcoin market cap has surpassed 216 billion.
Ripple Price Daily Technical Analysis
Ripple price is 1.26% higher at $0.3052, but for one more day Ripple can’t follow the strong rebound in Bitcoin and Ethereum. Bulls looking tired at current levels and need a fresh catalyst or a break above 0.3194 the high from yesterday’s trading session to keep the positive momentum. Next resistance for XRPUSD stands at 0.3272 the top from August 2.
Bullish traders need to be cautious at the current level as Ripple price has entered the overbought territory since July 27 and some traders might be tempted to take some profits off the table.
On the downside, initial support is at 0.2910 today’s low. Next support zone would be met at 0.2839 the low from August 3. More bids expected at 0.255 the low from August 1.
Ripple Price Daily Chart