Ripple remarkably cleared the path to $1 after the nerve-shattering breakdown to $0.65. Moreover, the price lifted to $1.07 before losing momentum. On Wednesday, the primary battle was to keep XRP afloat at $1, although bulls lost the bid.
A correction came into the picture, forcing Ripple to explore the area under $1 again. The previous support at $0.9 played an essential role in preventing declines from extending further. Meanwhile, XRP trades at $0.95 amid, as bulls plan another takeover.
Ripple eyes another liftoff past $1
XRP bulls might have lost the fight above $1 but remain relentless in the mission to hit higher levels at $1.2 and $1.4. The technical picture currently sends mixed messages, especially with the Moving Average Convergence Divergence (MACD) stuck under in the negative region.
This technical indicator identifies positions to buy the dip and sell the top. For instance, a buy signal occurred following the bounce from last week’s support at $0.65. The call manifests by the MACD line (blue) crossing above the signal line.
Note that the trend would have tuned massively bullish if the indicator cracked into the positive region.
With the MACD line likelihood of sliding under the signal line, the bearish grip will become stronger.
XRP/USD four-hour chart
A break above $1, a resistance highlighted by the 50 Simple Moving Average (SMA), would call more buyers into the market. A surge in the tailwind force is bound to bolster Ripple past the critical $1.2 level and perhaps resume the uptrend heading to $1.4.
Ripple intraday levels
Spot rate: $0.95
Trend: Bearish biased
Support: $0.9, $0.8 and $0.65
Resistance: $the 50 SMA, $1.2 and $1.4