Ripple [XRP] Price Analysis: XRP/USD Short-Term Bullish Bias – Poised for a Comeback

Ripple [XRP] Price Analysis
Chart Source: TradingView

Ripple [XRP] Price Analysis: XRP/USD Short-Term Bullish Bias – Poised for a Comeback

  • Ripple surged above $0.3400 resistance and extended the gains above $0.3750 before retracing.
  • XRP/USD declines likely to be contained above the 100 SMA 1-hour.

In the recent surge, XRP/USD witnessed a strong bullish force above the critical resistance at $0.3400. The price pulled higher above the hurdles at $0.3500 and $0.3600. It later extended the gains beyond the resistance at $0.3750 but settled marginally above the 100 SMA 1-hour. The retracement that followed failed to find support at the 61.8% Fib retracement level taken between the last swing high of $0.3803 and a swing low of $0.3071.

XRP Price Analysis
Ripple [XRP] Price Analysis chart Source: TradingView

Short-Term Bullish Bias: 1-Hour Chart

XRP/USD has settled at $0.3400 (key support). A forming bullish momentum has pulled it above the 50% Fib level (broken support). While at $0.3485, XRP bulls are eyeing the 61.8% Fib level with most indicators showing a bullish bias. XRP/USD needs to correct above the 61.8% Fib level which currently coincides with the 50 SMA 1-hour in order to open the door for more upward movement and retrace steps above $0.3500 resistance level. The Relative RSI 1-hour is gently sloping upwards to confirm the bullish momentum.

However, if Ripple fails to break past the 50 SMA and establish support above $0.3500 the price could breakdown again towards the support at $0.33 and the 100 SMA 1-hour. We can expect the downside to being contained and a comeback if the price stays above the supply zone between $0.3100 and $0.3200.

Key Technical Indicators

Relative Strength Index (RSI) 1-hour: Following the decline below 50, it is gently heading north at 47.98.

MACD 1-hour: Revamping upwards within the bearish zone.

Resistance 1: 61.8% Fibo coinciding with the 50 SMA 1-hour.

Resistance 2: $0.3500.

Resistance 3: $0.3747 (Medium-term hurdle).

Support 1: $0.3400.

Support 2: 100 SMA 1-hour (close to 38.2% Fib level).

Support 3: $0.3300.

Demand Area: $0.3000 – $0.3300.

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Ripple [XRP] Technical Analysis: XRP/USD Short-Term Bullish Bias – Poised for a Comeback
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Ripple [XRP] Technical Analysis: XRP/USD Short-Term Bullish Bias – Poised for a Comeback
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Ripple surged above $0.3400 resistance and extended the gains above $0.3750 before retracing. XRP/USD declines likely to be contained above the 100 SMA 1-hour.
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John Isige 62 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read content. His main focus is on cryptocurrency price analysis and industry news coverage.