Ripple price takes off for a colossal technical liftoff eyeing $2.3

Ripple XRP

Ripple finally embraced the vital support at $1.3, allowing bulls to take the mantle. The bullish leg extended above the 50 Simple Moving Average (SMA) on the four-hour chart near $1.5, further cementing the bull’s presence in the market. Last week’s resistance at $1.6 seems to have bolstered XRP beyond $1.7.

At the time of writing, Ripple is exchanging hands at $1.7, following a 17% growth in the last 24 hours. The cross-border token has attracted a $15 billion trading volume across all platforms and boasts $78 billion in market capitalization. XRP is working toward reclaiming the fourth spot by unseating Dogecoin.

Ripple rally toward o$2.3 builds momentum

An ascending triangle formed on the four-hour chart is a massive bullish signal. This pattern develops during an uptrend and signifies the continuation of the previous trend. A couple of trend lines make the pattern, connecting the relatively equal peaks and the ascending lows.

The horizontal line (x-axis) shows that sellers gradually lose traction while the hypotenuse shines a light on a strengthening bullish outlook. A final break past the x-axis usually culminates in a significant upswing. The breakout is characterized by an increase in volume and has an exact target measured from the triangle’s highest to lowest points.

XRP/USD four-hour chart

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

The ongoing uptrend seems to have been seconded by the Moving Average Convergence Divergence (MACD) indicator. In addition to entering the positive region, the MACD line has crossed above the signal line, which is a bullish signal.

Consequently, the Relative Strength Index (RSI) on the four-hour chart reveals that the slightest resistance path is upward. A break past $2 will likely trigger massive gains to close the gap heading to $2.3.

Ripple intraday levels

Spot rate: $1.7

Trend: Bullish

Volatility: High

Support: $1.6 and $1.3

Resistance: $1.75 and $2

The post Ripple price takes off for a colossal technical liftoff eyeing $2.3 appeared first on Coingape.

Publication date: 
05/06/2021 - 06:48
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