Ripple Price Analysis: XRP/USD bulls return to action, all eyes on $0.22
|- Ripple renews the bullish momentum as bulls reclaim the position above $0.21.
- Technical levels begin to align in support of a breakout targeting $0.22, $0.23 and $0.25 respectively.
As expected in the previous analyses, XRP bulls refused to remain in the ‘crypto’ longer than it was necessary. The losses experienced the entire weekend and on Monday saw XRP test $0.20 support. Luckily, the overwhelming support at this point put XRP in the previous upward trajectory, maintaining an uptrend above the accelerated trendline (dotted line).
The price is teetering at $0.2160 following a 2.5% growth on Tuesday. The Acton during the Asian session has been all about the bulls. The support provided by the 50 Simple Moving Average on the 4-hour chart was able to hold the ground. The ongoing recovery is dependent on the bull's ability to defend the support at $0.20.
A look at the Relative Strength Index shows that the bulls have the power to push XRP not only above $0.22 but also they could break the stubborn resistance at $0.23. Moreover, trading above $0.25 will ensure that that the focus on $0.30 remains intact. On the other hand, if a reversal occurs, the 100 SMA, $02.0, $0.19 and $0.1750 support areas will come in handy.
XRP/USD 4-hour chart
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