Ripple Price Analysis: Will The Current XRP Rally Be Sustained? 

Ripple gets the first bank from Oman on its RippleNet platform

Ripple pushed its recent bullish momentum forward to return to the 0.55 USD resistance level. If the next trade session favours the bulls, there will be a small resistance at the 0.56 USD level at a previous trendline to the vital barrier situated at 0.58 USD where the 50-EMA chart and price congestion level interlock. Further above, the 0.60 USD resistance level also matches the significant price congestion level. A final target level from the shift is at the 0.62 USD level, approaching the 100-SMA.

XRP/USD Price Analysis

Looking for at the downside, You will see that Ripple has support at 0.55 USD, which if lost, could take the XRP/USD pair back to the 0.52 USD and 0.50 USD levels both critical support zones. If this support level is lost, the zone will be clear until the 0-35 USD – 0.40 USD support range. Looking at the 4-hour chart, we will see fewer inclinations, fewer openings and more options for having more consistent development upwards to the 0 level on the indicator. The Directional Movement Index on the chart shows sellers holding control, while buyers haven’t been able to be convinced and continue to struggle to boost their activity. ADX is declining.

The previous 0.56270 USD support level is currently acting as a resistance. Should Ripple fail to break above this level quickly, it will continue falling toward the final support at the 0.45351 USD level. We are anticipating strong buying opportunities at this level because if there is a break, 0.24 USD will offer the next support range. XRP/USD will only turn bullish if there’s a breakout of the downward pattern from the descending triangle. Ripple will start showing notable signs of recovery once the 0.70292 USD level is sustained and exceeded. There aren’t any bullish formations or confirmation signs of a bottom yet. Hence, we won’t recommend any long positions. It’s better to wait for more market stability before making long term decisions.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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