TRENDING:
BoJ Interest Rate
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Ripple Price Analysis: XRP bulls stay hopeful inside weekly rising channel

  • XRP/USD steps back from day's high while keeping the upside momentum.
  • Normal RSI conditions, bullish chart pattern favor buyers.
  • 100-bar SMA adds to the upside filter, bears will eye June 2020 on breaking channel to the downside.
Ripple Price Analysis: XRP bulls stay hopeful inside weekly rising channel
Anil PanchalAnil PanchalFXStreet

XRP/USD recedes from an intraday high of 0.2400 to 0.2306 during early Tuesday. Even so, the ripple pair remains inside an ascending trend channel formation established since December 30.

Not only the bullish chart pattern but normal RSI conditions and an absence of bearish MACD also favor the XRP/USD buyers unless breaking the stated channel’s support, at 0.2170 now.

In a case where the sellers sneak in around 0.2170, the 0.2000 psychological magnet and December low near 0.1720 will add filters to the quote’s south-run targeting June 2020 bottom of 0.1691.

Alternatively, the upper line of the stated channel near 0.2630 will probe the recovery moves ahead of 100-bar SMA, currently around 0.3180.

During the XRP/USD run-up past-0.3180, the December 25 top of 0.3848 will be the key as it holds the gate for further north-run towards the 0.5000 threshold.

Overall, XRP/USD consolidates the recent losses and is up for further rise provided fundamentals don’t deteriorate further.

XRP/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price0.2309
Today Daily Change-0.0051
Today Daily Change %-2.16%
Today daily open0.236
 
Trends
Daily SMA200.357
Daily SMA500.4598
Daily SMA1000.3541
Daily SMA2000.2964
 
Levels
Previous Daily High0.2627
Previous Daily Low0.2156
Previous Weekly High0.3106
Previous Weekly Low0.1719
Previous Monthly High0.6817
Previous Monthly Low0.1719
Daily Fibonacci 38.2%0.2447
Daily Fibonacci 61.8%0.2336
Daily Pivot Point S10.2135
Daily Pivot Point S20.191
Daily Pivot Point S30.1665
Daily Pivot Point R10.2606
Daily Pivot Point R20.2852
Daily Pivot Point R30.3077

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

More from Anil Panchal
Share:

Editor's Picks

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.
Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.
Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets

Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets

Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass. Long positions, bets that prices would rise, accounted for 83.8% of the total.
Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach

Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach

Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.