Ripple price analysis indicates the bulls have staged a comeback on Monday, pushing the price of XRP back above $0.34 after a sell-off sent it to sub-$0.30 levels at the start of the week.
The SEC v Ripple case has been a source of investor fear and uncertainty in recent weeks, as investors remain uncertain about the outcome and its potential effects on XRP’s price.
However, the bulls have fought back on Monday morning, with XRP trading at $0.3443 at press time and looking to continue higher.Ripple has been making higher highs and lower lows in the last few hours, indicating a possible bullish breakout in the making.
From a technical perspective, the 50-day EMA is just above current levels, suggesting that if the bulls can break this level then we could see further upside as the week progresses.
On Sunday, XRP experienced a marginal 0.01% dip in value. Despite this small decline, the currency had increased by an impressive 0.81% from Saturday and ended at $0.33522 – just under the important sub-$0.34 mark which it has now been below for two days in a row.
The bulls have responded quickly to this dip, pushing the price of XRP back above $0.34 on Monday morning and signaling that there is still some hope for a bullish breakout in the near future.
Looking at the daily chart, we can see that XRP is currently trading between two key levels of resistance – the 50 day EMA at $0.3452 and the 200 day SMA at $0.3476.
On the other hand, if the bears take control then XRP could drop back down to the key support level at $0.33 which it briefly broke above on Sunday before pulling back.
Looking at the 4-hour chart,Ripple has formed a bullish flag pattern which is a sign of bullish momentum in the market. If the bulls can push XRP above the resistance level at $0.3452 then we could see a strong breakout higher towards key resistance levels at $0.35 and beyond.
The Relative Strength Index is trending higher above 50 levels which indicates that a bullish momentum is currently in play.The MACD has also crossed into positive territory, signaling that the bulls have taken control of the market.
Overall, Ripple looks promising as it starts off the week with an upwards surge after spending two days below the important sub-$0.34 mark. The bulls have taken back control and could lead to further gains if they can break out of the key technical levels mentioned above.