Ripple price retreat today after an impressive rally that drove the price close to yearly highs. Ripple price hit 0.3292 yesterday making fresh six month highs. Today cryptocurrency investors are taking some profits off the table across the board. Bitcoin is 0.38% lower at 12,261 but holds comfortably above the 12,000 mark. Ethereum is 0.12% lower at 430.29. Litecoin is 0.55% lower at 66.91.
Ripple price started a strong rally on August 12, after a fake lower break of the triangle formation, and managed to make fresh highs, thus enhancing the bullish momentum. Selling pressure in USD also supports all the assets denominated in dollars. Gold, silver, Euro and crude oil all moving higher amid the greenback weakness.
Ripple is 175% higher since the March lows and now is only 8% away from the yearly highs at 34. Ripple capitalization stands now at 14.02 billion. The market cap of the biggest 100 cryptocurrencies has surpassed 383.16 billion.
Ripple Price Daily Technical Analysis
Ripple price is 0.75% lower at $0.3130, in a healthy expected correction after the recent rally. The pair made six consecutive sessions with higher highs and higher lows.
The technical outlook is bullish, but traders must be cautious at current levels as the number three cryptocurrency has entered overbought territory and a correction can’t be ruled out.
Bearish traders need to see a break below yesterday’s low at 0.2972 to enter short positions. The next support is at 0.2902 the low from August 14. If XRPUSD breaks lower, then the next target would be 0.2717, the low from August 13.
On the other side, resistance stands at 0.3218 today’s high. More selling pressure would be met at 0.3292 the top from yesterday, which guards the yearly highs at 34.