- Ripple renews the bullish trend after testing support at $0.26.
- The path of least resistance is upwards as highlighted by the RSI and the MACD.
Ripple embarked on an upward roll after plunging further under $0.30 to test support at $0.26. The third-largest cryptocurrency by market capitalization has on multiple occasions in August been purged from highs above $0.30. A monthly high traded at $0.32 marked the end of the bullish action towards $0.40 and paved the way for losses under $0.30.
Following the support at $0.26, XRP commenced an intriguing recovery towards $0.30. The initial break above the descending trendline boosted the price farther up. XRP/USD hit highs above $0.28 before stalling just before the 100 SMA in the 4-hour range. Glancing upwards, more hurdles are envisaged at $0.29 and of course, the psychological resistance at $0.30.
For now, the trend remains in the hands of the bulls supported by most of the technical levels. The RSI is almost crossing above 70, building on the consistent recovery from oversold levels recorded on Thursday. Ripple’s bullish scenario is also emphasized by the MACD as it extends the action above the mid line. A break above $0.29 and $0.30 would most likely propel XRP above the critical $0.3250.
On the flip side, initial support is expected at $0.28 in the event a reversal comes into the picture from the prevailing price levels. The 50 SMA will also come in handy at $0.2781. Other lower support areas include $0.27 and $0.26.
XRP/USD 4-hour chart
 (65)-637344453816506247.png)
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.
Recommended Content
Editors’ Picks
LUNC trends among traders alongside Dollar pegged stablecoin USTC, recovery likely
Terra Classic USD and Terra Luna Classic tokens are trending among market participants after overnight price gains. USTC rallied to $0.078 local top after its 2022 collapse, garnering hope among traders.
LooksRare price recovery has wings and could double again as profit-hungry investors migrate from BLUR
After Blur’s 300% rally, the next NFT token that has grabbed traders’ attention seems to be LooksRare’s LOOKS altcoin. LOOKS price has rallied 12% in the last nine hours and shows promising signs of continuing this uptrend.
Dogecoin price might recover losses if volume picks up
Dogecoin wallet addresses with a non-zero balance climbed to 5.11 million. DOGE active addresses, and volume increased alongside price gains, supporting a bullish outlook.
Bitcoin price sees flat performance as correlation with equities is on the rise
Bitcoin price performance turned flat in the last two weeks as BTC entered a tight correlation with equities. BTC valuation model reveals Bitcoin price is unlikely to drop below $35,000 apart from short-term volatility.
Three key BTC accumulation levels before ETF approval in January 2024
Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.