Ripple price is trading along the psychological level of $1.0000, which has been an evasive one since early June. According to CoinMarketCap, its market cap has risen by 14.14% to over $46 billion. Besides, its trading volume over the past 24 hours has surged by about 92% to over $9.45 billion with a market dominance of 2.47%.
XRPUSD has pulled back after hitting a two-and-a-half-month high in the previous session. On Wednesday, the cryptocurrency reached an intraday high of 1.0838, which it last hit on 1st June. At the time of writing, it was down by 2.81% at 0.9998. Notably, the psychological level of 1.0000 has been evasive since early June.
Since the beginning of August, it has surged by about 28.98%. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages with an RSI of 75. In the previous session, the RSI was at 81.
In the near term, it is likely to trade sideways around the psychological level of 1.000. It will probably continue finding resistance at Wednesday’s high of 1.0838 as the bulls gather enough momentum to push the price to its next target at 1.2011. On the flip side, a move below the current support level at 0.9575 will likely have the bears retest the support at 0.8770 and the psychological 0.8000.