Ripple Bounces Above Important Support And Remains Bullish

CONTENT

  • XRP bounced off the $ 0.23 support area and 200-day MA.

  • The price may have started the 5th bullish wave.

  • XRP / BTC is in the process of a bullish breakout of a descending wedge.

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XRP began to rise on September 24 and recovered above the important support level, which the price had previously broken southward. This is a bullish sign promising continued growth..

Deviation under an important MA

The Ripple (XRP) cryptocurrency rate marked a maximum of $ 0.326 on August 17, from where it began to decline. During the drawdown, the price reached a low of $ 0.219 on September 24. From here, XRP rebounded and began to strengthen.

This minimum is significant for a number of reasons:

  • The price turned the $ 0.23 area into support.
  • The price tested the upward support line plotted from the March 13 lows for strength.
  • Price declined below the 200-day moving average (MA), but recovered above it.

The last point is especially important, since price deviations above / below important resistance / support levels often lead to important and stable movements in the opposite direction..

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XRP chart. Source: TradingView

Technical indicators on the daily chart are turning bullish but have not yet confirmed an uptrend.

MACD is giving signals of bullish divergence and is growing, but has not entered the green zone yet. Stochastic Oscillator is in the process of forming a bullish crossover, but has not yet completed it, and the RSI index remains below 50.

A steady rise in price (ideally above $ 0.261, the nearest resistance and Fibo level 0.5 of the correction of the previous decline) will confirm the bullish trend, since in this case, in addition to the recovery above the current resistance area, we will get a bullish crossover and a rise in the RSI above 50.

XRP chart. Source: TradingView

Wave analysis

Cryptocurrency trader @davecrypto83 shared an XRP chart with readers on Twitter with the results of a long-term wave analysis, which suggests the price upside potential to $ 0.50.

Source: Twitter

Ripple Bounces Above Important Support And Remains Bullish

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In our opinion, according to the most likely wave scenario, the price is now starting wave 5 (black in the chart below), which will lead the market to $ 0.36.

A $ 0.211 decline below the wave 1 low will reverse this scenario.

XRP chart. Source: TradingView

The price rally from the September 24 low looks impulsive (red in the chart below). This indicates the likelihood of the beginning of the growth phase. We believe that after a short-term pullback, the pair will continue to move north.

XRP chart. Source: TradingView

While the analysis in the tweet is still relevant, the only difference is the target level for the top of such a move..

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If the price falls below $ 0.211 and neutralizes the previous structure, the following scenario will come to the fore.

XRP chart. Source: TradingView

XRP / BTC

The XRP / BTC rate shows a similar deviation from an important level with a subsequent recovery. In this case, this is the level of 2200 satoshi. In addition, the price is in the process of a bullish breakout from the falling wedge pattern.

A pure breakout of this pattern could steer the market towards 2500 satoshi. However, technical indicators on the daily chart remain neutral..

XRP chart. Source: TradingView

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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Ripple Bounces Above Important Support And Remains Bullish
Ripple Bounces Above Important Support And Remains Bullish
Ripple Bounces Above Important Support And Remains Bullish

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