– XRP took advantage of market positivity to recoil from the $0.52 support, clearing its way towards $0.6.
– A break over the month-long declining trend-line revives the effort by bulls to take the altcoin to $1.
Ripples XRP looks to gain some ground after the sell-off earlier on the week. Keep in mind that the altcoin lost a significant value, the bearish outlook taking it to $0.52 from $0.6. Although an over 10% drop in the crypto space might not be a big deal, it can mean a painful experience in different industries.
Meanwhile, XRP has a high chance to end this week in the green zone after gaining most of its previous losses. While writing this content, the alternative coin trades near $0.59, aiming to settle over $0.6 in the short term.
For now, various buying signals attract Ripple bulls as market players predict that the cryptocurrency will hit a higher price in the trading sessions to come. Meanwhile, settling over $0.6 will boost the asset’s stability.
Another thing is that Ripple trades over a declining trend-line that existed for at least a month. That indicates that the asset managed to clear most of its obstacles that prevent upside moves. Keep in mind that the 50 SMA caps the upward movements. For that reason, bulls will have to step up to take XRP to $0.7.
XRP/USD 4-Hr Chart
The MACD denotes bullishness as the 12-d EMA crosses over the 26-d EMA. Ripple has magnified chances to sustain its uptrends as the MACD moves close to the midline.
Moreover, the RSI confirms that bulls control Ripple’s network for now. The technical tool indicates that the asset has the strength to ensure upward movements. The Relative Strength Index fluctuated from the oversold territory towards the midline, showing a bullish outlook. If the RSI maintains its momentum towards the overbought zone, XRP will defeat its critical obstacles as it heads to $1. Remember, the crypto market looks to enjoy upside price moves after Elon Musk and Jack Dorsey made bullish statements at the B-Word meeting.
- Spot rate – $0.59
- Trend – bullish
- Volatility – low
- Resistance – $0.7 and the 50-SMA
- Support – $0.56 – $0.52