- Ripple is looking forward to a breakout to $1 as long as the price closes the day above the 50 SMA.
- The breakout to $1 is likely to encounter delays around $0.7 to $0.75 (supply range).
Ripple is still trading above $0.6 after a motionless weekend session. The cross-border cryptocurrency appears to have settled for consolidation just like Bitcoin as discussed earlier in the day. Meanwhile, a breakout is expected to come into the picture as consolidation is likely to hit a tipping point in the near term.
At the time of writing, XRP is doddering at $0.61 while battling an uphill task at the 50 Simple Moving Average on the 4-hour chart. Ripple will have to settle above the moving average level to first sustain the uptrend before confirming a breakout towards the next hurdle at $0.65. The rest of the journey to $1 will depend on the bulls’ ability to overcome the supply at $0.7 to $0.75.
XRP/USD 4-hour chart
The Relative Strength Index in the same 4-hour timeframe shows that sellers have the upper hand at the moment. If the negative gradient continues under the midline, a considerable breakdown would come into the picture.
On the downside, it is essential that XRP/USD holds above the middle boundary of the Bollinger Bands, to avert losses that might refresh 100 SMA support at $0.57. It is worth noting that a breakdown can occur following the Bollinger bands constriction, risking the progress made since the fall to $0.45. The 200 SMA is in line to absorb some of the selling pressure, and perhaps prevent Ripple from plunging sharply.
Ripple intraday levels
Spot rate: $0.61
Relative change: -0.008
Percentage change: -1.1%
Trend: short-term bearish
Volatility: Extremely low
- DeFi’s Liquidation Volume Hits $34.33 M ATH, The Highest Since Last year’s December
- Portugal opens First Physical Store for Buying and Selling of Bitcoin
- “This Irritates Me”- Elon Musk Slams Twitter’s Integration Of NFTs
- Crypto Mayhem Grips Markets, $230 Billion Decimated In Massive Red Friday Selloff
- New York City Mayor Eric Adams to Buy Bitcoin (BTC) and Ethereum (ETH) Dips Today
- Shiba Inu (SHIB) Sagging Values To Get A Boost With New Token Burn Mechanism?
- U.S. Fed Releases New Whitepaper for CBDC Digital Dollar, Kickstarts Debate
- Crypto Market Flash Crash: Bitcoin (BTC) Down 8%, Ethereum (ETH) And Altcoins Follow
- Breaking: Twitter Integrates NFT Profile Pictures and Crypto Wallets On IOS
- El Salvador wants to give small businesses access to Bitcoin-backed loans
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?