Ripple is gaining traction in the near-term, as the third largest cryptocurrency begins to test above the pivotal $0.25 level.
Ripple analysis shows that gains above the $0.25 level should encourage the next push higher in the XRP/USD pair, towards the $0.27 area.
Ripple medium-term price trend
The recent rally in Bitcoin is lending support to other top altcoins, as traders start to become more bullish towards cryptocurrencies, following the broad based early-month sell-off.
Ripple technical analysis shows that 0.263 and the 0.275 levels are the next major resistance barriers bulls need to overcome.
The daily time frame shows that the XRP/USD pair will move back inside a rising price channel, if the price moves above $0.263.
According to technical analysis, the rising price channel is located between the $0.263 and $0.33 levels.
Moving back inside the channel would be a positive medium-term development for the XRP/USD pair, and could prompt a test towards the top of the channel.
Traders should note that the XRP/USD pair’s 50-day moving average offers the strongest form of resistance above the $0.263 level, and is found at $0.275.
Ripple short-term price trend
Ripple technical analysis highlights that the cryptocurrency is bearish over the short-term while the price trades below the $0.28 level.
The four-hour time frame shows that a head-and-shoulders pattern has recently been invalidated, following the recent rally above the $0.25 level.
According to the size of the invalidated head-and-shoulders pattern, the XRP/USD pair could rally towards the $0.275 area.
Failure to maintain the price above the $0.25 level could see the XRP/USD pair slipping back towards the $0.23 technical region.
Ripple technical summary
Ripple technical analysis shows that the recent recovery is gathering pace and may soon reach the $0.275 resistance area.
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