- XRP/USD has gained over 4% of its value in a matter of an hour.
- The critical resistance is seen at $0.4740, which is the highest level of 2019.
Ripple’s XRP shot above $0.4600 on Monday, having gained over 4% in a matter of an hour. The third largest digital asset catapulted from the intraday low of $0.4393 and hit $0.4646 before retreating to $0.4580 by press time. Notably, XRP’s trading volume has grown in recent hours and peaked at $16.3 billion. XRP is most actively traded on HitBTC against USDT and BTC.
While the fundamental reason for the strong and sudden spike is not readily available, a sustainable move above $0.4600 will improve the short-term technical picture and allow for an extended recovery towards May’s high registered at $0.4740, which is also the highest level since November 2018.
On the downside, the initial support is seen at $0.4380, created by a confluence of SMA50 (Simple Moving Average) and SMA100 on 1-hour chart. Once it is cleared, the sell-off is likely to gain traction with the next focus on $0.4280 (SMA200, 1-hour) closely followed by 23.6% Fibo retracement at $0.4270.