Ripple analysis : bullish trend remains in place
13:30, 30 September 2020
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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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.
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