XRP/USD moves above $0.32, no follow-through as of yet

Fibo Quantum

  • Ripple’s coin has been moving in sync with the market.
  • XRP/USD bulls need to clear $0.3230 to increase the upside momentum.

Ripple’s XRP has made its way above $0.3200; however, the upside momentum remains weak. Without a clear follow through the coin risks to slip back into the previous range. At the time of writing, XRP/USD is changing hands at $0.3210, off the intraday high touched at $0.3232. Ripple is the third-largest digital asset with the current market value of $13.8 billion.

Ripple’s technical picture

On the intraday charts, XRP/USD has created a double top pattern with the neckline at $0.3190. This is a bearish model that warns about growing downside risks. If the above-said neckline is broken, the sell-off may continue with the next focus on $0.3150-$0.3140. This support area is created by SMA100 and SMA200 on the 1-hour chart.

On the upside, we will need to see a sustainable move above $0.3230 for the bullish momentum to gain traction. This will open up the way towards $0.34, the highest level since July 20, and $0.3440 (SMA200 on a daily chart).

XRP/USD, 4-hour chart

Wood Profits Banner>