Ripple’s rise can be assigned to a general improvement of the cryptocurrency market sentiments. BTC’s recovery from the recent lows and a move above critical $8,000 helped the altcoins to start an upside correction.
On an hourly chart, XRPUSD jumped above 200-SMA and the upper line of the Bollinger Band for the first time since September 23. The coin is strongly overbought, which implies that we witness a retreat towards the initial support at $0.2550 created by the above-said the upper line of the Bollinger Band. It is followed by psychological $0.2500 with 200-SMA one-hour located on approach.
On the upside, a sustainable move above $0.2600 will attract new buyers to the market and allow for an extended recovery towards 50-SMA daily at $0.2660. The next bulls’ target awaits us on approach to $0.30.