Ripple Price Prediction: Ripple retests crucial support ready for 14% upswing

Ripple XRP
  • Ripple faces challenging barriers toward $0.5, but a technical breakout is still in the offing.
  • A golden cross pattern will signify the return of the bulls in the market.
  • The MACD indicator signals the possibility of consolidation taking precedence in the short-term.

Ripple’s bulls are focused on recovery despite the lethargic price action across the cryptocurrency market. A recent swing north failed to complete the leg to $0.5, hitting a barrier at $0.47.  The correction that ensued tested the support at $0.44, poking the buyers on the sidelines to jump in and push for higher levels.

The cross-border cryptocurrency is exchanging hands at $0.45 at writing. On Wednesday, the bullish action stalled at $0.46, forcing the price to retest the inverted head-and-shoulders (H&S) pattern’s neckline.

A reversal is expected in the near-term because the bullish H&S pattern still has a 14% target of $0.51. Note that a bounce from the neckline support is regarded as bullish in technical analysis and could boost XRP significantly upwards.

The hourly chart shows the possibility of a golden cross pattern forming in the short-term. This pattern comes into the picture when a shorter-term moving average crosses above the longer-term moving average. For example, the 50 SMA is about to cross above the 200 SMA.

Bulls have to focus on sustaining the price above $0.45 to focus on breaking above the hurdles at $0.45 and $0.5. The impact of the inverted H&S pattern is still apparent. Therefore, the least resistance path is upwards.

XRP/USD 4-hour chart

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XRP/USD price chartXRP/USD price chart by Tradingview

The Relative Strength Index (RSI) brings to light the possibility of consolidation taking precedence before the breakout occurs. The same sideways trading is echoed by the Moving Average Convergence Divergence (MACD), as it levels marginally above the midline.

Ripple intraday levels

Spot rate: $0.448

Relative change: -0.00034

Percentage change: 0.1%

Trend: Short-term bearish bias

Volatility: Low

The post Ripple Price Prediction: Ripple retests crucial support ready for 14% upswing appeared first on Coingape.

Publication date: 
03/04/2021 - 05:37
Author: 
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.