XRP (XRP) Is Still Set To Surge Higher In The Short-Term

The value of XRP surged higher and traded over the 35 cents mark before it started consolidating lower against Bitcoin (BTC) and the U.S dollar. XRP failed to clear a strong hurdle at the $0.3550 to $0.3570 marks against the U.S dollar. The value of the digital currency is presently hovering in a broad range between the $0.3120 and $0.3350 levels.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.301
1.27%

At the time of writing, XRP is trading at $0.3314 after a decrease of more than four percent over the past twenty-four hours. The current market cap of the digital currency is $13.14 billion and its trading volume over the past twenty-four hours is $269.22 million.

XRP Price analysis

This week, there was a gradual increase in the value of XRP from the support at the $0.3290 mark against the U.S dollar. The digital currency even traded over the 35 cents hurdle point, but it failed to break the resistance close to the $0.3550 and $0.3570 marks. From the chart, the value of XRP tested a key hurdle point close to the $0.3550 mar and began a downward movement.

The digital currency declined beneath the 23.6 percent Fibonacci retracement level of the previous swing from the low of $0.3098 to the high of $0.3571. Nevertheless, there are lots of supports on the downside, beginning at the $0.3350 mark.

The next support of the coin is the 50 percent Fibonacci retracement level of the previous swing from the low of $0.3098 to the high of $0.3571 at $0.3334. Beneath this level, there is a formation of a key bullish trendline with support at the 33 cents level on the two-hour chart of the coin.

A break over the range resistance at $0.3550 will most likely pave the way for more gains towards the 40 cents mark in the short-term

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.