Ripple market update: XRP/USD reacting to an inverted head-and-shoulders
|- XRP likely to trade sideways above the short-term support at $0.3180.
- Technically, Ripple has a bullish bias and capacity to sustain gains above $0.3180.
Ripple hovers above $0.32 following a correction from highs around $0.3232. A formidable move propelled Ripple price from the weekend lows around $0.3094 initially stepping above the 50 Simple Moving Average (SMA) 1-hour chart. Continuing gains made above the longer-term 100 SMA further encouraging the buyers to increase their positions.
The price cleared the resistance at $0.3180 giving the bulls the momentum to successfully assault $0.3200. As mentioned, $0.33 remains unconquered but a momentum us building above $0.3200.
Moreover, XRP is trading above the moving average as a bullish signal. The 50 SMA crossing above the longer-term 100 SMA at $0.3154 means that Ripple is likely to consolidate higher despite the stalling above under $0.3300.
Technically, the prevailing trend is greatly favoring buyers. While the upside could remain barricaded at $0.33, traders can expect XRP to trade sideways above the short-term support at $0.3180.
The Moving Average Convergence Divergence (MACD) is holding a position within the positive region. Although, a negative divergence means that bears are gaining traction. The Relative Strength Index (RSI), on the other hand, above the average, is pointing upwards suggesting that the bulls have control.
XRP/USD 1-hour chart
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