Ripple has become non-volatile and currently trying to break over $0.68 to $0.70 resistance area. Can Ripple hold its bullish momentum and reach to $0.80 price area 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.
June 29, 2021, | AtoZ Markets – Ripple price rose today morning during the Asian session against the U.S. Dollar. Ripple is currently trading around $0.7090 price area and trying to climb further higher. After bouncing from $0.53 to $0.55 support level, the price retraced upward towards $0.68 to $0.70 price area and declined. However, the bears failed to continue the bearish pressure below $0.60 to $0.58 price area and strike upside again. As per the current price action, the price may face strong resistance at the dynamic level of 20 EMA on the daily chart in the coming days.
Ripple May Hold Its Bullish Momentum Further
XRP/USD is currently residing near $0.7090 price area and trying to push upward. However, the price also broke over the dynamic level on the intraday chart.
Image: Ripple 4 Hour Chart
According to the 4-hour chart, Ripple is currently trading around $0.7090 price area and may hold its bullish momentum further. As per the current scenario, if the price can have an impulsive 4-hour bullish candle close above $0.68 to $0.70 resistance area, the bulls may continue the bullish pressure further towards $0.78 to $0.80 price area in the process. On the contrary, if the price push downside and had an impulsive bearish candle close below $0.70 to $0.68 price area, the bears may regain momentum and push the price down towards $0.60 to $0.58 price area in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price higher. However, the bears may regain momentum if the price can break below the dynamic level in the days ahead. Also, the Stochastic Oscillator lines are currently residing above the overbought level 80 and may have a bearish crossover. It indicates that the bears may regain momentum in the process.
XRP Bears Are Still Residing on the Market
According to the daily chart, Ripple is currently trading around $0.7090 price area and trying to hold the bullish momentum. As per the current price action, the price may recover higher towards $0.75 to $0.80 price area in the process. So, if the price recovers towards $0.75 to $0.80 price area and rejects with an impulsive daily bearish candle, the bears may sustain the bearish bias towards $0.67 to $0.65 price area as a first target. The second target will be $0.55 to $0.53 price area if the price can break below $0.67 to $0.65 support level in the coming days.
Image: Ripple Daily Chart
In addition, the dynamic level of 20 EMA is currently residing over the price. Along with the Kijun line. So, the dynamic level may work as strong resistance to push the price downside. Besides, the Kijun line may work as a confluence of the dynamic level in the process.
To conclude, after an impulsive bearish momentum, the price may be trying to retrace further upward towards $0.75 to $0.80 price area. As the overall bias is still bearish, there is a high chance that Ripple may continue the bearish trend further after an upside retracement in the coming days.