Ripple (XRP) price has been trading in a sideways price action between December 10 and December 19. During the period, the Ripple price has been oscillating between $0.085 and $0.7760 amid price consolidation. XRP price is up 5% over the last 24 hours and appears prepared for a 17% upswing to regain the $1.00 crucial level
Ripple price could lift from the ascending triangle to $1.029
XRP price currently experiences an increasing trading volume, as seen on the four-hour chart. Even so, its price has been pressed downwards by the 100-period Simple Moving Average (SMA) curtailing recent attempts to push the price upwards.
However, bulls appear to have returned to the scene and now an expected spike in the buying pressure behind the international remittances token will likely allow bulls to crack above the overhead resistance around $0.9236 embraced by the 200 SMA.
This will confirm a decisive bullish breakout after which Ripple could shoot 18% to tag the November 30 range high around $1.029.
XRP/USD four-hour chart
The exact timeframe emphasizes the potential uptrend with a buy signal from the SuperTrend indicator. The SuperTrend Indicator follows the trend of an asset like the moving averages, but as it overlays the chart, it calculates the volatility, thereby sending buy and sell signals.
Note that a daily close below the price allows the SuperTrend to change from red to green and flip below the price, thus sending a bullish signal. A bearish signal will occur when the SuperTrend moves above the price and turns red. As long as the buy signal on Ripple’s chart holds, the uptrend will continue.
In addition, the Moving Average Convergence Divergence (MACD) indicator has sent a buy Ripple signal suggesting a possibility of an upward price action taking root in the near term. This happened earlier during the Asian trading sessions on Monday when the 12-period Exponential Moving Average (EMA) crossed above the 26 EMA adding credence to XRP’s bullish narrative.
Looking Over The Fence
The Relative Strength Index (RSI) indicator brings forth the possibility of a price correction taking root in the near term. This comes with the sharp movement of the RSI away from the overbought region. This suggests that the bears are stronger than the bulls at the moment and the Ripple price could continue dropping in the near-term.
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