Ripple bulls have regained momentum after bouncing from $0.61 to $0.62 support area. Ripple found support around $0.62 psychological price area. Will the price recover upside in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s XRP/USD Technical Analysis.
July 27, 2021, | AtoZ Markets – Ripple price rose today morning during the Asian session against the U.S. Dollar. After bouncing from $0.50 to $0.52 key support level, the bulls have regained momentum and pushed the price higher quite impulsively, and reached $0.66 to $0.68 price area. Ripple is currently trading around $0.64 price area and trying to climb further upward. As per the current price action, the price may face strong resistance around $0.66 to $0.68 price area again in the coming days.
Ripple Found Support as the Bulls Are Still Optimistic
XRP is currently residing near $0.64 price area and trying to push higher. However, the bulls also found support at the Bollinger Bands middle band on the intraday chart.
Image: XRP 4 Hour Chart
According to the 4-hour chart, Ripple found support and currently trading around $0.64 price area. As per the current scenario, the price may recover upside towards $0.66 to $0.68 price area in the process. So, if the price can break above $0.66 to $0.68 resistance area with an impulsive bullish candle, the bulls may push the price higher towards $0.72 to $0.73 price area in the days ahead. On the other hand, if the price rejects $0.68 to $0.66 price area with a bearish candle, the bears may regain momentum and push the price down towards $0.62 to $0.61 price area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may carry the price as strong support. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process. However, the Bollinger Bands upper band is currently residing over the price, which may work as strong resistance in the days ahead.
XRP May Continue Further Upward
According to the daily chart, Ripples found support as the bulls are still residing on the market. As per the current price action, if the price can have an impulsive daily bullish candle close above $0.61 to $0.62 support level, the bulls may sustain the bullish pressure towards $0.72 to $0.73 price area as a first target. The second target will be $0.80 to $0.82 price area if the price can break above $0.72 to $0.73 resistance level in the coming days.
Image: XRP Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may work as strong support to push the price upside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
To conclude, after a downside retracement towards $0.61 to $0.62 support area, the price had an impulsive 4-hour bullish candle close. A daily close will help to identify the definite momentum in the coming days.