Ripple (XRP) price analysis: Manages to come out of the ‘crypt’ it had sunk into on Friday


  • The bears had managed to infiltrate the possible support at $0.25 after a consistent drop over the past 72 hours.
  • Retreating above the Simple Moving Averages; the 50 SMA four-hour at $0.2575 and the 100 SMA four-hour at $0.2623.
  • The Moving Average Convergence Divergence trend suggests a strengthening bullish momentum.

 

Ripple is one of the largest cryptocurrencies in the world. Today it is in third place among all cryptocurrencies. Its capitalization exceeds $18.5 billion. XRP offers a simpler and more affordable way to exchange currencies, trying to replace existing methods.

The bears had managed to infiltrate the possible support at $0.25 after a consistent drop over the past 72 hours. A low formed at $0.2473 saw the buyers regaining balance to focus on reversal. Retreating above the Simple Moving Averages; the 50 SMA four-hour at $0.2575 and the 100 SMA four-hour at $0.2623 paved the way for a bullish action towards $0.27 barrier. However, the descending trendline resistance capped the upside at $0.2671, resulting in a correction.

 

XRP/USD four-hour chart

 

At the present time, XRP/USD is trading at $0.2596 where the immediate upside is limited by the same 100 SMA. On the flip side, the 50 SMA is offering support currently at $0.2887. Glancing lower at the 4-hour chart, we can tell that $0.24 - $0.25 is coming out as credible support. One that can be dependent on the Ripple extending the bearish action.

 

 

The Moving Average Convergence Divergence trend suggests a strengthening bullish momentum. In fact, if the slightly visible positive divergence increases, we could see XRP pulling towards the trendline resistance. Similarly, the Relative Strength Index (RSI) is holding above the average.

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 price prediction Bitcoin, Ripple, Ethereum: Cryptos seeing multiple launches into the universe

The BTC/USD pair is currently trading at the $10.187 price level, the same price level as in recent weeks. The most serious difficulty for Bitcoin is the low volatility, after many days in the same price range, strength and speed indicators are at minimum levels. It will not be easy to start again.

More Bitcoin News

Litecoin price analysis: LTC/USD bullish frenzy is unstoppable

Litecoin like other major altcoins has been performing relatively well since the beginning of the week. The bullish action continued on Wednesday with Litecoin rising to an intraday high of $76.2644. 

More Litecoin News

NEO price analysis: NEO/USD retreats from intraday high, upside momentum recedes

NEO is performing strongly on Wednesday. The 20th largest digital asset with the current market value of $69 million gained over 7% both on a day-on-day basis and moved nearly 3% higher since the beginning of the day.  At the time of writing, NEO/USD is changing hands at $9.80, off the intraday high of $9.87. 

More NEO News

TRON market update: TRX/USD tests DMA50 for the first time since July

TRON (TRX) is one of the best performing coins on Wednesday. TRX/USD has gained over 10% of its value to trade at $0.0178 by press time. While the coin has retreated from the intraday high ($0.0178), the upside momentum is still strong as TRX is moving in sync with the rest of the market. 

More Tron News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Rangebound trading and September blues come upon the crypto market

Bitcoin finishes the week with marginal losses. The first digital currency recovered from the recent low of $9,886 but stayed in the red zone as of the end of the week.

Read the weekly forecast

BTC

ETH

XRP