Ripple bulls outperform themselves in the rally past $0.6, is a pullback nigh?

John Isige Altcoin News Publish On November 24, 2020 | Modified On November 24, 2020

Ripple XRP
Image Courtesy of Flickr

Ripple bulls outperform themselves in the rally past $0.6, is a pullback nigh?

  • Ripple retreated after trading new yearly highs at $0.63 but is currently fighting to make a comeback above $0.6.
  • XRP/USD is in bullish hands as reinforced by the golden cross pattern on the daily chart.

Ripple is leaving only dust behind as the Launchpad rockets it to higher levels not seen since September 2018. The flagship cross-border transfer token has continuously built upon the support at $0.28 to achieve incredible results in the last seven days.

XRP has rallied by more than 100% according to the data by CoinMarketCap over the previous seven days. In the last 24 hours alone, Ripple is up 35% to exchange hands at $0.59. The break above $0.5 over the weekend left the bulls convinced that they can hit higher highs.

Meanwhile, XRP/USD spiked in tandem with Bitcoin’s rally to $19,000 and Ethereum’s breakout above $600. At the time of writing, bulls are working tooth and nail to reclaim the ground above $0.6 and beat the new yearly high achieved at $0.63.

XRP/USD daily chart

XRP/USD price chart
XRP/USD price chart by Tradingview

In other words, closing the day above $0.6 is key to sustaining the uptrend towards $0.7 as it would ensure stability in the market in addition to shifting the bulls’ focus to $0.7. Recently the 50 Simple Moving Average cross above the 100 SMA reinforcing the growing bullish influence in the market. A golden cross pattern forms when a short-term moving average crosses above the long-term moving average.

It is worth noting that the bullish narrative to $0.7 will be sabotaged if XRP fails to close the day above $0.6. Sellers are likely to gain traction and confidence, increasing their positions in a bid to profit from their long-term positions. The RSI is pointing downwards, somehow giving credence to the bearish narrative.

On the downside, the first point of contact is likely to be $0.45, followed by $0.45. If the selling pressure becomes drastic, XRP will be forced to seek refuge at the 50 SMA and 100 SMA under $0.3.

Ripple Intraday Levels

Spot rate: $0.59

Relative change: -0.02

Percentage change: -3

Trend: Bearish

Volatility: Low

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