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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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BTC/USD

98,427.25 Price
+4.100% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Gold

2,669.88 Price
+0.730% 1D Chg, %
Long position overnight fee -0.0175%
Short position overnight fee 0.0093%
Overnight fee time 22:00 (UTC)
Spread 0.60

XRP/USD

1.21 Price
+8.790% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

US100

20,708.60 Price
+0.290% 1D Chg, %
Long position overnight fee -0.0241%
Short position overnight fee 0.0019%
Overnight fee time 22:00 (UTC)
Spread 7.0

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
1.20549 USD
0.09718 +8.790%

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