Ripple is trading above the $0.45 mark and moved by more than 45% in the past 24-hours. Is the XRPUSD pair overbought? Continue reading today’s Ripple price prediction for more insights on the short-term timeframe.
21 September, AtoZ Markets – XRPUSD is trading near $0.46, up 47% in the last 24-hours according to icoinsentiment.com‘s index. The XRapid product by the Ripple team was considered to be the major reason for the trader’s willingness to take entry to XRP. Yesterday, XRP broke the strong resistance near the $0.35 level, which helped XRPUSD to push towards $0.40 levels. Another factor for a bullish XRP is that investors are optimistic about the Ripple project. Especially, how Ripple will use the technology for institutional purpose. Yet, are traders willing to book some profits now or will they hold?
Ripple Price Prediction
Looking at the long-term, Ripple has the potential to surge higher. The charts show that a Bullish Engulfing candlestick pattern, which signals a bullish reversal on the monthly time-frame. The heavy volume trading, also makes the support level stronger. Furthermore, a three inside up candlestick pattern has emerged in the 1W time-frame, with high reliability. This pattern is a more reliable addition to the standard Harami pattern. A bullish Harami pattern occurs in the first two candles. The third candle is a white candle with a higher close than the second candle and the confirmation of the bullish trend reversal.
According to ATR(14) indicator, the XRPUSD is too volatile to trade for now. Most of the indicators, such as RSI(14), STOCH(RSI), William% R and CCI(14) clearly signals that the pair is overbought now. Also, the SMA100 is below the long-term SMA 200 line, which indicates that the path of least resistance is to the downside. Thus, a small correction towards the $0.35- $0.38 might be seen, in the coming days. At this moment, the traders could book some profits and wait for the small correction. Making an entry at this point could be risky. However, market seems to be optimistic for Ripple to surge further on the long-term.
- The Relative strength index(14) value is near 50% which signals “Neutral” in weekly time-frame.
- The STOCH (9,6) valued below 50 signals “Sell” in weekly time-frame.
- The MACD(12,26) – “Sell” signal in weekly charts.
- Moreover, according to ATR(14), the BTCUSD pair is highly volatile.
XRPUSD Weekly Pivot Points
Ripple has formed a strong support near $0.35 level and resistance near $0.51 levels.