Ripple price, just like most cryptocurrencies, was buoyed by the breakout in bitcoin in yesterday’s trading which was driven by the anticipation of its halving event in May. We are seeing some of that bullish activity spill over to today’s Asian session as ripple price is up by almost 2.80% at $0.2332 as the dollar weakened following the FOMC statement. With this, XRPUSD is trading above resistance at the 100 SMA and 200 SMA on the daily time frame.
Now the question now is, what is next for ripple price?
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If there are enough buyers in the market, ripple price could be headed to the $0.3400 psychological handle. This level is where the cryptocurrency peaked on February 14 and could provide XRPUSD with resistance in the next few trading days.
On the other hand, if ripple price loses its momentum, it could retrace its recent gains back to $0.2000. This psychological handle coincides with the rising trend line (from connecting the lows of March 16 and April 20) on the 4-hour timeframe. It also coincides with the April 7 highs of XRPUSD. If support at that price does not hold, the next viable floor could be at $0.1780 where the cryptocurrency bottomed on April 20.
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