- Ripple comes out of consolidation with a boom, spiking above $0.5.
- XRP bulls eye $1 if the resistance at $0.6 is broken.
Ripple has had the biggest bull run following the crash in December 2020. Consolidation groped the token leaving it motionless in the range between $0.25 and $0.3. However, in the last couple of weeks, XRP signaled a possible technical breakout. The comprehensive analysis on Friday predicted that XRP is poised for a massive upswing to $0.4.
In the meantime, Ripple is trading at $0.54 after overshooting the conservative prediction. The Breakout occurred after a symmetrical triangle pattern. The least resistance path is upwards as observed on the 4-hour chart.
The price has recovered the ground above all the applied moving averages; the 50 Simple Moving Average, the 100 SMA, and 200 SMA. The double golden cross pattern on the chart reinforces the growing influence the bulls have over the price.
XRP Price Analysis: XRP/USD 4-hour chart
It is crucial that buyers establish higher support, preferably above $0.5. This will ensure that the downside is protected and allow them to focus on higher levels toward $1. Some delay is anticipated around $0.6 but if the bullish outlook remains intact, gains to $1 will easily achievable.
Notably, the Moving Average Convergence Divergence (MACD), which tracks the momentum of an asset as well as its direction adds credibility to the bullish narrative. The MACD line has increased the divergence above the signal line, implying that bulls are completely in control. However, if a correction occurs XRP will seek refuge at $0.5, $0.4, and the former resistance zone at $0.3.
Trending Stories
Ripple intraday levels
Spot rate: $0.54
Relative change: 0.05
Percentage change: 10%
Trend: Bullish
Volatility: High
- Institutional Traders Are Shorting Bitcoin At Record Pace, Here’s Why
- Lido Shut Down Terra Support, Starts bLUNA And stLUNA Withdrawal
- This Whale Adds 787 More Bitcoins As Price Struggles
- After Vauld Suspends Withdrawals, These Crypto Exchanges Could Be Next
- Cardano’s Vasil Upgrade Goes Live On Testnet; When Will It Be Lauching On Mainnet?
- How Stable Is Tether? Data Shows USDT At Massive Liquidity Imbalance
- As BTC Plummets to $19,000, Elon Musk’s Tesla Reports $440 Million Impairment Losses
- British Army Regains Control Of Their Hacked Social Media Accounts Promoting Crypto Scams
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
- Cardano price Analysis: ADA Price Nearing Triangle Breakout Eyes $0.655
- Polygon Price Analysis: $0.45 Fallout could Plummet MATIC price by 25%
- ETH Price Analysis: Can $1000 Support Undermine Selling Momentum?
- BTC Price Analysis: Technical Indicator hints Upcoming recovery for Bitcoin
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?