Ripple price regains the positive momentum after yesterday’s sharp fluctuations that drove the price in an intraday trading range that we haven’t seen before. Ripple price yesterday hit the highest at 0.3267 and the lowest at 0.2501. Same fluctuations also observed in Bitcoin and Ethereum.
All major cryptocurrencies had an impressive rally during July and is not surprising to see extreme volatility as the digital currencies have reached close to yearly highs.
Monetary and fiscal stimulus from many governments and central banks have shifted investors attention to a safe haven and alternative assets such as gold, silver and cryptocurrencies. Meanwhile, better economic data from China and Europe today showed that manufacturing activity recovering at a fast pace, improving investor’s confidence who return to more risky assets.
Ripple price is 5.23% higher at $0.3027 recovering all of yesterday’s losses, keeping the bullish momentum alive after yesterday’s volatile session. Ripple price has entered into overbought zone since July 27 and hovers to extreme levels as indicated by the RSI 14 index which stands at 87.59.
Looking at the daily chart, first resistance for XRPUSD stands at 0.3070 today’s high. Taking yesterday’s session out of the picture; the next resistance level would be met at 0.3097 the top from February 19. Next supply zone stands at 0.3458 the yearly highs.
On the other side, bears would love a close today below 0.2840 the daily low. Next support for Ripple would provide the low from August 1 trading session at 0.2556. I expect high volatility in the number three cryptocurrency to continue as long as the price approaches the yearly highs.
