Ripple Price Analysis: A Bullish Reversal From The $0.88 Support Hints A 35% Gain In The Upcoming Trading Session

Published by

The XRP coin is currently in a short-term sideways trend. The coin price has recently rejected from the overhead resistance of this range and has plunged back to the bottom support of 0.88. However, The technical chart and indicators suggest a positive turn for them coin

Key technical points:

  • The XRP coin price action forms a consolidation range in the daily chart.
  • The 200-day EMA line is providing constant dynamic strong support to the coin price.
  • The intraday trading volume of the XRP coin is $1.5 Billion, indicating a 70.25% gain.

Source- XRP/USD chart by Tradingview

The XRP coin price consolidates within a range as it resonates within the $1.40 and $.088 mark, as shown in the price chart. However, despite multiple breaches, the support zone near the $1 mark acts as a crucial support zone, and the breakout above it can be an excellent entry opportunity for traders.

The 200-day EMA coincides with the $1 support zone providing multiple factors to bring a bullish reversal. However, the price is below the 50-day EMA, which is falling to give a bearish crossover with the 200 days EMA. 

The Relative Strength Index(44) continues to move in a downtrend after facing rejection within the overbought zone. Nonetheless, the recovery in the slope from the oversold territory brings bullish indications.

XRP/USD Chart In The 4-hour Time Frame

Source- XRP/USD chart by Tradingview

The falling XRP prices show huge potential for a bull run as it breaks above the resistance trendline of the falling channel in the 4-hour chart. Hence, once the prices are stable above the $1 mark, we can observe the price jump to the $1.40 mark. 

However, traders need to be careful with the pivot points showcasing resistance levels at the $1.06 and $1.16 mark. Moreover, on the flip side, the support levels are at the $0.97 and $0.87 mark.

Brian Bollinger

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

Share
Published by

Recent Posts

  • Bitcoin News
  • News

UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash

Is the cryptocurrency market about to enter a period of prolonged bearish phase? The largest…

January 24, 2022
  • Altcoin News
  • News

SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?

Solana's native cryptocurrency SOL has tanked another 6% today slipping under $90 as the Solana…

January 24, 2022
  • Altcoin News
  • News

Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion

Fantom (FTM) is the next big daddy in the list of Ethereum-competitors. Recently Fantom has…

January 24, 2022
  • Bitcoin News
  • News

Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin

Crypto market participants everywhere are watching the market crash with keen guarded interest. In a…

January 24, 2022
  • Bitcoin News
  • News

Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022

Bitcoin has been the subject of a lot of debate on crypto Twitter (CT). Bitcoin…

January 24, 2022
  • Press Release

TeraBlock Announces Collaboration with SplinterLands To Take DeFi Gaming To New Heights

Tortola, British Virgin Islands, 23rd January, 2022, ChainwireTeraBlock and Splinterlands are joining forces to usher…

January 24, 2022