XRP is one of the most popularly HODLed cryptocurrencies which had been stable at around $0.3 for a long time. However, it made a bullish move on 15th May. After a brief correction to $0.35, the price rose back above $0.47 to test the yearly highs. The price of XRP at 5: 30 hours UTC on 3rd June 2019 is 0.0455. It is trading 2.5% higher on a daily scale.
XRP moved above the moving averages this month with a cross-over between 200-Day and 50-Day moving average. Furthermore, the 100-Day moving average is also looking to break above the 200-Day moving average, which is bullish.
The MACD on the daily is looking to diverge with a positive move in price. The RSI is 63, which is below the over-bought region. An Ascending triangle pattern is identified on the daily chart, which suggests a bullish move. The target of the movement would be $0.6. The stop loss near $0.41 must be placed for caution.
On the weekly chart, the MACD is at an inflection point, which is higher bullish pennant. The RSI is below the over-bought region at 61. However, the price is testing the resistance with the 100-Day moving average near $0.47.
The RSI on the weekly is at 61. The MACD on the weekly has been near zero of a long time at XRP traded near 0.3 range for an extended period. Hence a break-out is imminent.
On the 4-Hours chart, the price is trading above the moving averages since 15th May 2019, which is bullish. The RSI on the 4-Hour chart is below the over-bought region as well at 63.
While the overall outlook is bullish, the volatility in Bitcoin [BTC] can affect profoundly affect XRP prices. Moreover, centralized cryptocurrencies like JPM Coin and Facebook Coin have reduced the focus on XRP as the choice of currency for banks.
Do you think that the price of XRP will take a U-turn or continue its bullish momentum? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com