Ripple Price Forecast: XRP bullish comeback meets acute resistance, delaying recovery

Ripple
  • Ripple faces resistance at the descending trendline and $0.6.
  • Declines may come into the picture if the 50 SMA support in the 4-hour chart breaks.

Ripple struggles to hold above the short-term support at $0.55 following a failed attempt to touch $0.6. A descending trendline has capped the immediate upside on the 4-hour chart. XRP is doddering at $0.56 at the time of writing.

The bearish momentum appears to be building while declines beckon toward $0.5. Note that the 50 Simple Moving Average (SMA) is in line to offer support and prevent losses eyeing $0.5 and $0.45, respectively.

In the meantime, the Moving Average Convergence Divergence (MACD) shows a consolidation move could take precedence in the near term. The MACD is horizontal within the positive region, hence the bullish inclination. Ripple will remain in the no-trade zone if technical levels remain unchanged.

On the upside, a break above the descending trendline would see bulls shift the focus to $0.6. Similarly, the price action above this level could be massive due to speculation bound to rise. Recently, XRP tested the seller congestion at $0.65, which, if broken, may elevate the cross-border token toward $0.75.

XRP/USD 4-hour chart

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XRP/USD price chart XRP/USD price chart by Tradingview

On the downside, losses will extend to the support highlighted by the 100 SMA at $0.5 but may stretch to $0.45. It is essential to wait for a confirmed breakout or breakout before increase or decreasing your XRP position. In other words, trades must be aware of the ongoing sideways trading.

Ripple intraday levels

Spot rate: $0.56

Trend: Sideways trading

Volatility: Low

Support: 50 SMA on the 4-hour chart, $0.5 and $0.45

Resistance: $0.6 and $0.65

The post Ripple Price Forecast: XRP bullish comeback meets acute resistance, delaying recovery appeared first on Coingape.

Publication date: 
03/29/2021 - 14:55
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.