- Ripple price analysis turns bullish after weekend pullback
- Short-term critical support at $0.5570 holds to help chart a higher run
- XRP/USD bulls needs to close above $0.5690 to maintain bullish momentum
The bears have stepped aside briefly as the XRP/USD breaks higher to touch $0.6000 high today. At the time of writing, the pair is trading at $$0.5575 which is well above the critical support at $0.5500. The bearish weekend session has subsided as the new week opens near critical resistances that have long held the pair back from fresh all-time highs.
The technical indicators are yet to post bullish signals but most are sloping towards the higher side. Any sharp increase in the XRP/USD price will be met with selling pressure especially near the $0.6000 highs. The pair needs to close above $0.5830 in order to turn the Ripple price analysis bullish.
Bears are looking to re-enter at higher levels. The pair can slide towards the $0.5500 level in case the bulls are unable to gather significant momentum. Broader crypto market is trading sideways with muted price action across the board. Ripple is moving fairly independent from major altcoins and is in a relative uptrend as evident from the daily charts.
Ripple price movement in the last 24 hours: XRP gradually moving towards $0.600
The week has begun with clear dominance of the buyers. The price is still within the Bollinger Bands and trading near the upper band which has a peak of $0.5730. However, the bands have stretched significantly to accommodate for higher price movements in the wake of fresh high of $0.600 early in today’s session.
The immediate resistance lies at $0.5700 where the pair can witness renewed selling pressure. On the larger daily timeframe of Ripple price analysis, the 50 percent Fibonacci retracement at $0.4690 is holding the pair well. Also, the daily timeframe charts show strength at $0.4200 zone where buyers can emerge and more institutional money can enter the market. Thus, the bears still have a long way to go before they can dent the bullish strength on the daily charts.
The jump to $0.6000 will take massive volumes and liquidity. The buyers must maintain suitable momentum to help the pair close above $0.5900 or above the February 2021 high near $0.5800. Also, the 55-day simple moving average near the $0.5000 support is fairly strong. If the rally materializes and the bulls indeed do push higher, the next technical target is $0.6500 for Ripple price analysis.
XRP/USD 4-hour chart: Ripple is testing key technical resistance at $0.5800
Ripple price analysis is showing positive signs above $0.5500. The move next move higher will be fueled by the broader market support which at present is sluggish. The rising price channel has ample support at $0.4960 pivot point. In fact, anything above $0.5200 on the daily charts is highly positive for the XRP/USD pair.
The short-term immediate correction can take the pair towards the lower reach of the Bollinger Bands near $0.4855. As long as the bulls are able to defend the $0.5000 region, the buyers can safely build long positions. As per Ripple price analysis, the uptrend from $0.4595 to $0.5490 has the 61.8 percent Fibonacci retracement at $0.5145. Additionally, the ascending price channel finds appropriate support at $0.4970 level on the hourly charts.
The RSI at 67 level shows elevated signals but the pair has ample room to run higher. During extended bull runs, the RSI can remain at higher levels. The MACD is sloping higher but there are no signs of immediate cross-over on the charts. The XRP/USD pair is holding well above $0.5500 and the bulls will attempt to close the pair above this crucial support-resistance transition point.
Ripple price analysis conclusion: XRP all set to touch new highs past $0.6000
The earlier resistance at $0.5300 is now acting as decent support in Ripple price analysis. A sharp increase is expected once the pair hurdles past $0.5600 level which can quickly paint $0.6000 on the charts. Coming sessions must be dominated by buyers to create liquidity and volumes for the pair.
On the downside, the bears are targeting a close below the $0.5000 support. If the selling pressure intensifies due to relatively bearish broader crypto market, the pair can slide towards $0.4500 level.
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