Ripple Price Analysis: XRP bulls need to crack 200-DMA to extend the recovery


  • XRP/USD looks to extend recovery from two-week lows.
  • 200-DMA is the level to beat for the XRP bulls.
  • Daily RSI edges higher but holds below the midline.

Ripple (XRP/USD) is attempting to build on Friday’s impressive bounce from two-week lows of $0.2400 amid the upbeat sentiment witnessed across the crypto board so far this Saturday.

The no. 5 coin currently trades near $0.2800, adding over 2% on a daily basis. However, it remains on the track to end the week almost unchanged.

The altcoin rose as high as $0.3295 earlier this week following the news of the nomination of Michael Barr, a former US Treasury official and a former key member of Ripple's advisory board, as head of the Office of the Comptroller of the Currency (OCC). 

XRP/USD: Battling 21-DMA on the road to recovery

XRP/USD: Daily chart

Ripple’s daily chart shows that the bulls are trying hard to recapture the 21-daily moving average (DMA) at $0.2826, in order to revive the recovery momentum.

However, with the 14-day Relative Strength Index (RSI) still trading within the bearish territory, the XRP bulls lack the conviction for the upside extension.

Acceptance above the 21-DMA could open doors for a test of the critical horizontal 200-DMA at $0.3066, Note that the coin has failed to sustain above the latter since January 10.

A daily close above the 200-DMA barrier is needed to negate the bearish bias.

Alternatively, a rejection at the abovementioned 21-DMA hurdle could expose the three-week-long falling trendline support at $0.2465, below which the two-week troughs will be put to test.

The next best support awaits around $0.2150 while the December 29 low of $0.1719 would be the last line of defense for the bulls.

XRP/USD: Additional levels to consider

XRP/USD

Overview
Today last price 0.2782
Today Daily Change 0.0046
Today Daily Change % 1.68
Today daily open 0.273
 
Trends
Daily SMA20 0.2828
Daily SMA50 0.379
Daily SMA100 0.3616
Daily SMA200 0.3061
 
Levels
Previous Daily High 0.2785
Previous Daily Low 0.24
Previous Weekly High 0.3295
Previous Weekly Low 0.24
Previous Monthly High 0.6817
Previous Monthly Low 0.1719
Daily Fibonacci 38.2% 0.2638
Daily Fibonacci 61.8% 0.2547
Daily Pivot Point S1 0.2492
Daily Pivot Point S2 0.2253
Daily Pivot Point S3 0.2107
Daily Pivot Point R1 0.2877
Daily Pivot Point R2 0.3023
Daily Pivot Point R3 0.3262

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

ADA could retrace in the short-term before massive 20% breakout

Cardano has been trading sideways since its high of $1.48 established on February 27. The digital asset just had a significant breakout from an important pattern and aims for a high of $1.5 in the long-term.

More Cardano News

Ethereum price poised for greatness as on-chain metrics suggest move to $2,000 is approaching

On January 14, Ethereum price had a significant spike and started to outperform Bitcoin for the first time since July 2020. However, the trend didn’t last long and ETH started to fade away in February despite Bitcoin price also falling. 

More Ethereum News

VET hints at a 75% bull rally

VeChain price has been consolidating in an ascending parallel channel for over the past two months. The pattern’s lower trendline cushioned the recent 42% crash. Bouncing off this support level now suggests the possibility of a 75% upswing towards the channel’s upper trendline at $0.084.

More VeChain news

Crypto bull market warming up as Bitcoin heads for $58,000

The cryptocurrency market seems to be flipping bullish after Bitcoin made a real move above $50,000 on Wednesday during the European session. BTC's move also poked Ethereum bulls to join the market from the sidelines, pushing the price past $1,600. 

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP