Ripple Price Forecast: XRP/USD New Bullish Setup Leaves Bitcoin and Ethereum In the Dust


Ripple XRP
Image Courtesy of Flickr

Ripple Price Forecast: XRP/USD New Bullish Setup Leaves Bitcoin and Ethereum In the Dust

  • Ripple price breakout above the ascending channel resistance eyes $0.25 in the near term.
  • XRP/USD delayed rally leaves Bitcoin and Ethereum in the red.

As Bitcoin and Ethereum rallied on Sunday and Monday, Ripple only managed to clear a couple of resistance zones including $0.21 and $0.22. A seller congestion zone at $0.2250 became the pivot point. XRP/USD retreated to seek support at the former resistance ($0.21). The ascending channel aided in controlling the impact of the selling pressure.

Consequently, the retreat appears to have been instrumental for Ripple because a reversal ensued sending XRP/USD not only above $0.22 but also past the hurdle at $0.23. While this rally happened, Bitcoin retreated under $11,000 as reported. On the other hand, Ethereum spiraled from the new yearly high at $334 to seek refuge above $310.

XRP/USD 4-hour chart

XRP/USD price chart by Tradingview

At the time of writing, Ripple is trading at $0.2385. The price has spiked above the ascending channel. Bulls are working hard to keep the gains sustained towards the next hurdle at $0.24. All indicators point towards a continued rally towards $0.25 because a break past $0.24 seems imminent.

The RSI, for instance has made an entrance into the overbought region, further cementing the buyers’ position in the market. The same is reinforced by the MACD as it digs deeper into the positive territory. Its bullish divergence hint that the path of least resistance is to the north. Moreover, the high volatility emphasize that $0.25 is also within reach.

Read more: Ripple’s ODL Service In Australia Records Low Liquidity

Ripple Intraday Levels

Spot rate: $0.2391

Relative change: 0.0082

Percentage change: 3.46%

Trend: Bullish

Volatility: High

 

Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Post your comment...
John Isige 704 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Follow John @