Ripple (XRP) price action shows the bulls still hold the previous gains after an initial bullish start of the day.
- XRP has seen a significant gain in the past 24 hours and is trading at around $0.8091 after consolidating its previous gains.
- XRP price is hovering above a threshold of $0.80, showing signs of a bullish trend shortly.
- The key support level for XRP is $0.78, while the critical resistance level is $0.82.
The XRP price trend on the daily chart shows that altcoin is trading in a bullish channel, with buyers trying to break out of it.XRP price rallied toward a daily high of $0.8468 before a minor correction to the current levels. XRP has seen a strong performance in the past week, with its price rising nearly 71.24% within seven days. XRP’s bullish rally has been attributed to the triumph over SEC earlier last week, and the bulls have been in control ever since.
XRP/USD Daily chart: Bulls Defend the Key Support of EMA 50
The daily chart of XRP/USD shows that the buyers have managed to defend the critical support of EMA50. The bullish momentum in XRP is gaining traction as it maintains its current position above $0.80. If the bulls can break out from the upper side of the channel, then we could see further upside action in price.
The moving averages analysis on the daily chart shows XRP price has been trading above the EMA50 and EMA100. The key support of $0.7745 has been held for the past 48 hours, and a break below this level would be bearish for XRP. Meanwhile, the Simple Moving Average (SMA) 10 has crossed above the SMA20, indicating a gradual bullish momentum in the altcoin.
On the upside, XRP must conquer the key resistance of $0.822 to maintain its current trend, as strong selling pressure could be near this level.
The RSI suggests that XRP has been trading in an overbought region and is currently residing above 70, while the Stochastic RSI has entered the overbought territory.
The Chaikin Money Flow (CMF) signals the presence of intense buying pressure in XRP, as it is above 0.50 and rising higher. A break below this level could indicate buyers are losing control of the trend, and we could see a correction toward $0.7845.
FIB Levels
XRP needs to defend the Fibonacci retracement level of 0.50 ($0.69844), 0.618($0.64005), and 0.786 ($0.5586) to maintain its bullish momentum. A break below this level could signal the start of a bearish trend, and XRP might head toward $0.5586 in the near term.
Conversely, the immediate resistance level of $0.84 must be broken to move higher. If the bulls break this level, XRP/USD could soon target the next level of $0.87 and the daily high of $0.85.
On the other hand, a failure to break above this level could drag XRP/USD back toward its immediate support levels at $0.80 and $0.7845. XRP is up by 3.50% in the last 24 hours, with bears chipping away at the gains of the bulls.
The altcoin seems to be consolidating in a bearish manner, and a break below $0.7845 could signal a bearish reversal in the near future. However, the overall trend still favors the bulls, and a break above $0.84 could push XRP/USD up to new highs in the medium term.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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