Ripple rose above $0.1800 during the Asian session but later turned volatile and indecisive. Ripple bulls are consistent – can push higher above $0.2350? What are the charts and technical indicators are saying? Read more to find further insights into today’s Ripple (XRPUSD) Technical Analysis.
April 8, 2020 | AtoZ Markets – Ripple is currently trading around $0.1900 after the price bounced from the dynamic level recently. Ripple price fell below $0.1980 level during the last trading day. XRP is currently trading around $0.1900 area, which down by 4% on the day. This is the largest one-day percentage drop since April 6. Moreover, this downfall pushed XRP market cap to $8.77570B, or 0.00% of the total cryptocurrencies markets cap. XRP’s market cap was highest at $20.48129B.
XRPUSD Technical Analysis: Will Ripple Bulls Stay Consistent?
XRP is currently residing near $0.1900 area and trying to push lower. The bulls are struggling to maintain the bullish momentum further, but the dynamic level is currently holding the price as support.
Image: Ripple 4-hour chart
According to the 4-hour chart, Ripple is currently residing near $0.1900 area after the price bounced from the dynamic level. Moreover, XRP has been residing in the rising channel from an extended period, which supported the price to climb higher. As per the current price action, if the price breaks above $0.2000 area with a bullish 4-hour candle, the bullish trend may sustain further towards $0.2350 area, and fill up the bearish gap of March in the coming days.
Furthermore, the dynamic level of 20 EMA is rising upward by following the bullish trend, which may sustain further in the days ahead. Besides, the RSI line is rising upward gradually from an extended period, which is currently residing below the overbought level.
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Can XRP Reach Higher Towards 0.3300 Area?
According to the Daily chart, the price successfully broke above $0.1750 area, and also the dynamic level. Besides, XRP is currently trading around $0.1900 area after the price rejected $0.1980 with a bearish pin bar. As per the current price action context, if the bulls recover further towards $0.2350 and break above it, the price can reach higher towards $0.3300 area in the coming days. Alternatively, if the price reaches $0.2350 area and rejects, the bears may regain the momentum and push lower towards $0.1750 again, which is more likely as the long-term bias is still Bearish.
Image: Ripple Daily Chart
Furthermore, the dynamic level of 20 EMA is residing below the current price, which may now act as a strong support and push the price higher. Moreover, the MACD lines are residing below 0.00 level after having a bullish cross over, which indicate further bullish momentum is in the making.
To conclude, Ripple’s current bullish bias is quite strong and consistent enough to sustain further. So, if the price reaches $0.2350 area and breaks above it, the bulls may maintain the bullish trend in the process. In contrary, rejection from the $0.2350 may lead the Bears to continue the preceding trend.