TL;DR Breakdown
- Ripple price analysis is bullish today.
- Ripple finds support at 0.72.
- XRP/USD is currently trading at $0.75.
Today’s Ripple price analysis is positive, as we anticipate a rebound after yesterday’s negative movement. We expect the XRP/USD pair to establish a higher low and attempt to break through there.
As the price retested the previous low at $0.72 with rejection, XRP/USD will likely attempt to grow today after yesterday’s bearish movement. We anticipate a bullish trend because the 100-hour SMA is above the 200-hour SMA signal line. Moreover, there was no significant price movement below this level. This means that Ripple has already begun growing again and succeeded in establishing a higher low. As anticipated, during yesterday’s negative movement, XRP/USD stopped fluctuating between $0.80 and $1.14 levels. While prices are still trading under both EMAs, we expect them to break through these barriers later on today because of strong upward movement.
We anticipate a bullish trend because the 100-hour SMA is above the 200-hour SMA signal line. Moreover, there was no significant price movement below this level. This means that Ripple has already begun growing again and succeeded in establishing a higher low. As anticipated during yesterday’s negative movement,
The RSI indicator is near the 50 level, which indicates that prices are in equilibrium. We might see a further rise when it is closer to the overbought zone, which means Ripple has already started growing again.
The MACD blue curve is in favor of buyers while its red curve is below the signal line. The histogram also shows an upward tendency because it is above zero level. Therefore, all technical indicators show bullish movement for today’s XRP/USD pair.
XRP/USD 4-hour chart: XRP looks to reverse?
On the 4-hour chart, we can see the Ripple price having established substantial consolidation, likely to reverse some of the gains seen earlier in the week.
Shortly after, the price plummeted to $0.75, where a sell order was placed on the downside. Shortly after, local resistance at $0.78 was established and tested.
Yesterday, the Ripple price made another run at $0.90. The bulls promptly rejected any further declines, possibly suggesting an impending reversal. With the main support at $0.81 as its previous major barrier, XRP/USD is likely to retrace even more over the coming days.
Ripple Price Analysis: Conclusion
Ripple is trading positively presently, with price breaching the $0.70 resistance and triggering a rapid retest of $0.72 support that ended in a higher reaction. Before reaching test the $0.78 barrier, XRP/USD will most likely establish a new low.
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