Ripple’s XRP price analysis: Bullish trend eyes $0.36
|- Ripple joins the strongest single digit gainers as the bulls look forward to $0.36.
- A break above the descending trendline opened the door for more gains above the hourly simple moving averages.
Following the happy Monday where cryptocurrencies made a considerably recovery, the market is currently mixed red and green. However, most assets are recording gains. Ripple’s XRP is among the strongest single digit gainers of the day. The asset is up 2.59% and exchanging hands at $0.34. Bitcoin price is up a subtle 0.19% while trading at $3,503. Ethereum is in the red with declines hitting 0.52% while Bitcoin Cash is in the green at the time of press.
After Ripple explored the rabbit hole towards the end of last week, it found balance over the weekend before the bulls returned yesterday where the asset increased in value more than 10%. A break above the descending trendline opened the door for more gains above the hourly simple moving averages and the 23.6% Fib retracement level of the last swing high of $0.3637 and the lows of $0.2818.
Ripple extended the gains breaking above the confluence detector resistance levels as discussed yesterday. The upward move corrected above the 61.8% Fib level and stepped above $0.34 before coming to a halt short of $0.35. At present, the price is above the moving averages on the same time frame chart. Technical indicator signals applied to the chart shows that the trend is in favor of the bulls. A correction above $0.35 is expected in the near term with eyes set on $0.36; a move that is likely to bring $0.4 in sight.
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