- XRP price recoiled from support $0.52, clearing the path toward $0.6.
- A break above the month-long descending trendline rejuvenates the bulls’ effort for gains heading to $1.
Ripple has gained some ground since the selloff earlier this week. The cross-border money transfer token lost a considerable amount of its value, whereby the bearish leg extended from $0.6 to $0.52. A more than 10% decline in the cryptocurrency market is not surprising, but the same in another industry would leave an imperfect and an unwanted storm.
Meanwhile, XRP seems to have gained all the ground this week, suggesting that the international money transfer will end the week in the green. At the time of writing, Ripple teeters at $0.59 and looking forward to trading above $0.6 in the near term.
XRP Price Gain Recovery Momentum
Several buy signals keep Ripple bulls on toes as investors speculate on the price hitting higher levels in the coming sessions. Firstly, settling above $0.6 would be an excellent boost to ascertain the market’s stability.
Secondly, Ripple is trading marginally above a month-long descending trend line, suggesting that one of the most significant barriers are out of the way. Note that the 50 Simple Moving Average (SMA) caps the immediate upside and must come down for bulls to extend their leg toward $0.7.
XRP/USD four-hour chart
Trader CoinGape — Trading Ideas & Charts
The Moving Average Convergence Divergence (MACD) indicator is vividly bullish as the 12-day EMA crossed above the 26-day EMA. As the MACD nears the mean line, the odds for Ripple sustaining the uptrend increase incredibly.
Similarly, the Relative Strength Index (RSI) affirms that bulls have the upper hand. This technical tool follows the trend of an asset and calculates its strength. A sharp move from the oversold region to the midline shows that the bulls’ grip is more substantial. If the RSI continues with the same momentum to the overbought territory, Ripple will take down the numerous stubborn hurdles, heading toward $1.
Ripple Intraday Levels
Spot rate: $0.59
Resistance: The 50 SMA and $0.7
Support: $0.56 and $0.52
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.