Ripple price analysis: XRP/USD grinds towards $0.50 resistance
3 min readTL;DR
- Ripple price analysis uncertain as price oscillates within the range
- XRP bounces between extremes of Bollinger Bands
- Bullish start ends in conflicting price signals as bulls and bears look indecisive
Ripple price oscillates between the upper and lower Bollinger Bands in a tight range between $0.4722 to $.4410. The higher resistance at $0.5900 is slowing down the uptrend and keeping the bull run in check. The rally from yesterday is consolidating at higher levels near the $0.5548 level.
The ascending price channel is showing short-term correction. However, the bias remains upwards as the bulls are in charge on the daily charts. The breakout above $0.50 has been demonstrated that buy orders are lined up as the price dips. The current rally seems to target the $0.635 level to go further and post fresh all-time highs.
A modest movement of 0.32 percent in the price range makes the day difficult for the day traders. The price has gained 1.81 percent in the past 24 hours and looks set to close the day above $0.50. the extremely narrow range is now allowing the price to creating a breakout.
Ripple price movement in the last 24 hours: Narrow range limits upside
The choppy day in Ripple price analysis is going to end with sideways movement across the hourly chart. The high of $0.4899 is now reversed, and the price is posting fresh lows for the day near $0.4676. Ripple price analysis shows that the bulls stabilized the price near $0.4516 with ample buy orders to keep the price above crucial support levels.
At the time of writing, the XRP/USD is trading at $0.4753 with mixed technical signals. Most of the resistance and support levels have not been tested as yet. The 38.2 percent Fibonacci retracement of the XRP/USD uptrend comes around $0.4625 and has been significant support throughout the day. The price has been able to sustain itself above the $0.4707 support level.
Ripple price analysis shows that it requires support from the broader crypto market to help build the next uptrend’s momentum. The pair must decisively break above the $0.50 level and close the day above this level. Currently, the $0.4899 looks set to cap any aggressive upside by the bulls.
XRP/USD 4-hour chart: Extended bull rally looks unlikely
Ripple price analysis reflects an indecisive pattern on the hourly charts. The 4-hour chart has many successive dojis which signal a sideways movement. However, the candles are posting higher lows on the daily charts that depict a bullish bias on the long-term chart.
The RSI is at 58 level and has lots of room on the upside for the bull run. The $0.4637 pivot point is ideal for the bulls to start the next rally upwards. It is also the 38.2 percent Fibonacci level of the present rally. The MACD is almost flat with no extreme movement in any direction.
On the downside, the $0.4523 level will hold off any extended selling spree by the bears. However, if the bears do build high selling pressure, the pair can slide towards the $0.3590 level. In the recent past, the dips have been used to buy, resulting in consolidation. Thus, the $0.359 level can be used to accumulate and launch the next bull run.
Ripple price analysis conclusion: Ripple struggles to move beyond $0.50 resistance
The ascending triangle pattern is supporting a bullish view on the charts. The rising price channel is slow, but the price action has been steady. The 2-day exponential moving average at $0.4600 will provide adequate support in the short term.
Traders must remain cautious about excessive long positions and build positions once the breakout solidifies on the charts. The Ripple price analysis reflects the pair’s bias to head towards $0.4800. bears will emerge near the $0.50 level to book profits.
The 55-day simple moving average at $0.4410 will also lend support to the pair. In the current price action, the pair is likely to remain on an upward trajectory where the price will move past the $0.50 level, albeit at a slow pace.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
