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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

    21,467.80 Price
    +0.960% 1D Chg, %
    Long position overnight fee -0.0234%
    Short position overnight fee 0.0012%
    Overnight fee time 22:00 (UTC)
    Spread 1.8

    BTC/USD

    95,400.05 Price
    +0.220% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 50.00

    XRP/USD

    2.19 Price
    -1.110% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01092

    Gold

    2,628.87 Price
    +0.210% 1D Chg, %
    Long position overnight fee -0.0151%
    Short position overnight fee 0.0069%
    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
    2.18931 USD
    -0.02441 -1.110%

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