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Ripple analysis : bullish trend remains in place

By Nathan Batchelor

13:30, 30 September 2020

Ripple analysis

Ripple has recovered more than 10 per cent, following the cryptocurrency’s recent multi-week decline towards the $22 area.

Ripple analysis shows that bulls have recently defended the cryptocurrency’s trend defining 200-day moving average.

Ripple medium-term price trend

Ripple is testing towards the pivotal $0.25 area, after the cryptocurrency recently found strong buying demand from just below the $0.22 level. 

Ripple technical analysis shows that buyers need to exceed $0.2630 to encourage a test of the $0.30 area.

The daily time frame shows that the XRP/USD pair’s 50-day moving average, at $0.2630, offers the strongest form of technical resistance prior to the $0.30 level.

According to technical analysis, a breakout above the XRP/USD pair’s 50-day moving average could provoke a wider rally towards major trendline resistance, around the $0.33 level. 

Traders should note that key medium-term technical support below the $0.25 level is located at the $0.2190, and $0.2130 areas. 

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US100

21,143.90 Price
+0.160% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 1.8

Oil - Crude

70.25 Price
-2.480% 1D Chg, %
Long position overnight fee 0.0060%
Short position overnight fee -0.0279%
Overnight fee time 22:00 (UTC)
Spread 0.030

XRP/USD

0.56 Price
-0.860% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Gold

2,684.48 Price
-0.830% 1D Chg, %
Long position overnight fee -0.0170%
Short position overnight fee 0.0088%
Overnight fee time 22:00 (UTC)
Spread 0.30

Ripple short-term price trend

Ripple technical analysis highlights that the cryptocurrency is only bearish over the short term while the price trades below the $0.20 level. 

The four-hour time frame shows that an upside breakout from a falling wedge pattern will take place if short-term bulls can exceed the $0.26 level.

According to the size of the falling wedge pattern, the XRP/USD pair could rally towards the $0.30 area in the short term.

Failure to maintain the price above the $0.26 level could see the XRP/USD pair slipping back into a trading range between the $0.25 and $0.22 technical levels.

Ripple technical summary

Ripple technical analysis shows that the recent recovery in the cryptocurrency could reach the $0.30 level if bulls can exceed the $0.26 level.

Markets in this article

XRP/USD
Ripple / USD
0.55610 USD
-0.00479 -0.860%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
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