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

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

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