Ripple’s XRP price analysis: Breaks out of a stubborn range
|- Binance announced ground breaking support for Ripple’s XRP.
- XRP is changing hands at $0.434 amid a wide spread market recovery.
- XRP is likely to revamp the trend towards $0.45 or else maintain a sideways trend.
Ripple has again shown that it can rise above the trend in the market to record massive gains. XRP/USD market value has increased by approximately 34.1% since Monday last week. It has been one week of trading higher highs and higher lows while testing the limits to the upside.
At present, XRP is changing hands at $0.434 amid a wide spread market recovery. The market is almost entirely in the green as Bitcoin stays above $4,000 and Ethereum tests the levels towards $150. Bitcoin Cash (BCH) is holding ground above $200 while the entire market has recorded gains in the excess of $11 billion in the last 24 hours.
As reported earlier, the CEO of Binance exchange has announced that XRP will be added to the platform as a base currency. The addition is expected to take place anytime from now. However, Changpeng Zhao did not specify which assets will be paired with XRP. The move very positive for XRP and the market at large especially for traders who utilize XRP’s fast transactions and lower fees to move funds.
Meanwhile, XRP broke out of a tight range with a resistance at $0.4. This reignited the bull’s power as XRP spiked an engulfing candle not only breaking above $0.4 but also testing $0.45 to the upside. A retracement has occurred with XRP/USD dropping below $0.44, although technical signals from the applied indicators are still strongly bullish. The RSI, for instance, is currently horizontal at 70 while the DMI is at 49.66 and trending in the same direction. This means that XRP likely to revamp the trend towards $0.45 or else maintain a sideways trend around $0.4.
There various support zones for XRP as observed on the hourly timeframe chart. The initial support although a weak one is at $0.42. The second support is seen at $0.38 and $0.36. Further down, the primary support is around the recent lows at $0.28.
XRP/USD 60' chart
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