Fathers’ Day appears to have given a boost to most cryptocurrencies. There was a fresh bullish attempt yesterday. According to the charts, Bitcoin led the fresh market recovery on fathers’ day. The top dog digital asset was closely followed by XRP as the bulls made a return for the top asset class.
The XRP/USD pair is still in bullish territory and also has the potential to remain above the $0.4200 price position in the short-term.
XRP (XRP) Price Today – XRP / USD
Most Top Tokens Gained Tremendous Momentum
As of June 16, the crypto market launched an upward roll. Yesterday was set aside to celebrate fathers around the globe. On this day the majority of top cryptocurrencies successfully reversed their old trend and managed to gain serious momentum above critical positions. Take an example, XRP scaled over the key levels at $0.39 to reach highs above the $0.4400 mark.
The first digital asset by market capitalization, Bitcoin, crowned the day after managing to reach a formidable position. It is now hovering above $9,000. The price of Bitcoin rose further to attain a new high and also reach the highest level it had gotten to in over a year. It is currently trading at $9,392. Despite the fact that this new trend stalled under the $9,400 mark, BTC is still hovering over $9,200 as of press time. What about XRP?
XRP Price Failed to Sustain the Trend Over $0.4800
When you look at the 4-hour chart highlighting trading for the XRP/USD pair, we can see an asset that has pushed strongly for a reversal from its declining points in a falling wedge pattern. Before June, XRP price tested $0.4800 but failed in attempting to sustain the movement to $0.5. Instead, XRP price headed to the bottom and dropped gradually under $0.4000 before testing $0.3650.
However, the trade action from last week was utilized to find a balance amid an issue of widespread indecision in the digital asset market. XRP price remained pivotal at the $0.4000 point for a few days after which we entered the weekend surge that took prices above $0.4200. In turn, paving the way for gains that created a weekly high at $0.4472.
XRP Price is Currently Trading at $0.4300
The XRP/USD pair is currently trading at $0.4300. This is after the correction from the highs mentioned above. Moreover, the XRP price is battling had to establish strong support at the $0.4200 position. Besides, the price of XRP is trading over the moving averages. The 100 SMA is staying above the 200 day SMA to show that there’s still influence fro the bulls over the price of XRP.
Technically, the price of XRP is still in bullish territory and has a healthy lead that can see it stay over the $0.4200 support position. Before it can forge another move over $0.4400 by remaining focused on the high points between the $0.4800 and $0.5000 positions.
RSI is moving sideways above 60.00 which signals a continuing bullish pressure. However, this is enough to sustain XRP price above the $0.4200 position. The 100 SMA and above the 200 SMA is a key indicator of the presence of the bulls’ on the price of XRP. XRP’s key hurdles include $0.4400, $0.4800 and $0.5000. While it has found key support positions at $0.4200, $0.4000 and $0.3650.