The XRP/USD Pair Likely to Experience an Upsurge
The XRP/USD price rose over the barrier at $0.2450. The topping of the price happened close to $0.2540 and started correction to the downside. Recently, there was a robust increment in the price over the barriers at $0.2400 and $0.2450. Further, the price moved to the upside over $0.2500 and settled over 100 hourly SMA.
However, the sellers successfully protected the gains over $0.2540 and $0.2550. The price formed a high close to $0.2540, and it began to retrace to the downside.
Additionally, a powerful fall ensued in Bitcoin following the failure to surge over the barrier zone at $9.2k. XRP price declined by over six percent and was able to break several supports close to $0.2450 and $0.2400.
Analyzing the XRP/USD Hourly Chart
The XRP/USD hourly chart reveals that the price broke below a key bullish trend line with support close to $0.2370. Currently, the price is under $0.2350 and the hourly SMA. It formed a low close to $0.2269, and it is now retracing higher.
The significant initial barrier for XRP is close to $0.2350 and the 100 hourly simple moving average. On the bearish side, the significant supports are close to $0.2240 and $0.2220, where buyers can take action in the near term. On the bullish side, XRP buyers should take the price over the barrier at $0.2400. I f the price closes over $0.2400, it may begin a new uptrend towards $0.2500 and $0.2550.
by Wayne Jones
by Wayne Jones
by Wayne Jones