Ripple Price Analysis: XRP bulls require a ride through 0.5500 to mark dominance


  • XRP/USD stays firm around the month-start top, rises for the third consecutive day.
  • Successful recovery from 100-day SMA joins upbeat oscillators while targeting the key Fibonacci retracement hurdle.
  • One-week-old rising trend line adds to the downside filters, late-December high offers extra resistance.

XRP/USD picks up bids to 0.5070 as crypto traders prepare to close Wednesday’s books. The ripple pair rose to the highest since February 01 during the early hours of the day before stepping back from 0.5422. Though, the pullback couldn’t drag the quote below 50% Fibonacci retracement of November-December 2020 downside, needless to mention breaking the immediate support line and 100-day SMA.

Also favoring the XRP/USD bulls could be the MOM and MACD signals that back the gradual upward trajectory towards the key 61.8% Fibonacci retracement level near 0.5500.

During the quote’s ability to cross the 0.5500 hurdles, the 0.6000 threshold can act as an intermediate halt during the run-up targeting the December 17 peak near 0.6580.

However, the ultimate target for the uptrend could be the monthly peak surrounding 0.7570 and the year 2020 top, also the record high, close to 0.7845.

Meanwhile, a downside break of 50% Fibonacci retracement level of 0.4780 will highlight an ascending trend line from February 02, at 0.4220 now, on the short-term seller’s radar.

Also acting as the key support is the 100-day SMA and the monthly low, respectively around 0.3865 and 0.3400.

XRP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 0.5089
Today Daily Change 0.0322
Today Daily Change % 6.75%
Today daily open 0.4767
 
Trends
Daily SMA20 0.3599
Daily SMA50 0.3122
Daily SMA100 0.3838
Daily SMA200 0.3214
 
Levels
Previous Daily High 0.4911
Previous Daily Low 0.4493
Previous Weekly High 0.7565
Previous Weekly Low 0.3406
Previous Monthly High 0.5167
Previous Monthly Low 0.2109
Daily Fibonacci 38.2% 0.4751
Daily Fibonacci 61.8% 0.4653
Daily Pivot Point S1 0.4537
Daily Pivot Point S2 0.4306
Daily Pivot Point S3 0.4119
Daily Pivot Point R1 0.4955
Daily Pivot Point R2 0.5142
Daily Pivot Point R3 0.5373

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Prediction: BTC set to retest $56,000

Bitcoin price is heading lower following a break below a critical support trend line. The leading cryptocurrency is now exposed to a downside target of $56,568. The BTC IOMAP model suggests that the bellwether cryptocurrency is unlikely to drop below $56,000.

More Bitcoin news

Chainlink price faces minor sell-off before resuming uptrend

Chainlink price is witnessing its uptrend retreat following a technical signal that indicates the token has reached its local top. LINK is headed lower to retest critical support levels as the bears target $28.61 next. The token may fall toward the lower boundary of ...

More ChainLink news

SafeMoon price prepares to escape from prevailing downtrend with 60% ascent

SafeMoon has been locked in a downtrend since May 23, with little ambition to reverse the period of sluggish performance. While it's trapped in the prevailing consolidation chart pattern, an escape above $0.00000288 could spell trouble for the bears.

More SafeMoon news

XRP price on the cusp of massive decline if this critical support level fails to hold

XRP price is trapped within a recent downtrend as the momentum has flipped to the downside. Ripple lagged behind while other cryptocurrencies, including Bitcoin and Ethereum, recently witnessed rallies reaching new all-time highs. 

More Ripple news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP