Ripple analysis: important low may have formed

Ripple has staged an impressive recovery back towards the $0.29 level, after dropping towards the $0.25 support area last week.

Ripple analysis shows that a meaningful price floor may have formed last week. However, more technical confirmation may be needed before the next major rally commences.

Ripple medium-term price trend

Ripple is starting to stabilise alongside a number of top coins, following last week’s sudden drop towards the $0.25 support zone. 

Ripple technical analysis shows that the cryptocurrency has bullish medium-term bias while the price trades above $0.25 level.

The daily time frame shows that medium-term bulls now need to rally the price above $0.32 to break above key trendline resistance and form a new multi-month high.

According to technical analysis, the XRP/USD pair could rally towards the 2019 trading high, around $0.50, if the $0.32 level is broken. 

Traders should note that another test of the former weekly price low, around the $0.25 level, may take place to provide technical confirmation that a meaningful price floor has been established.

Ripple short-term price trend

Ripple technical analysis over the short term shows that the cryptocurrency is only bullish while the price trades above the $0.28 level.

The four-hour time frame shows that a false breakout under the neckline of a head-and-shoulders pattern took place last week.

Failure to hold the XRP/USD pair under the neckline of the pattern, around the $0.265 level, caused a strong technical recovery.

Traders should note that if bulls can move the price above the head of the pattern, around the $0.318 level, then a powerful rally towards $0.38 level may take place.

Ripple technical summary

Ripple technical analysis shows that if bulls can hold the price above the former weekly low, then bulls may attack towards the $0.38 and, possibly, the $0.50 level.

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