Ripple price analysis indicates a mini rally in XRP prices following a recent positive market sentiment seen earlier today in the broad cryptocurrency market. Ripple (XRP) is currently trading at $0.3425 and up 1.47% on the day, with a total market cap of approximately $1.2 billion and a 24-hour volume of about $445,918,460 for the XRP/USD pair.
Ripple Technical Analysis
Ripple price action in the last few weeks has been downward while the entire cryptocurrency market has been in a bearish mood. Ripple corrected higher after a steep correction and is now trading at $0.3425, testing the resistance level at $0.360. Ripple’s technical indicators suggest that it may break the resistance level in the near future as its RSI (relative strength index) is getting closer to the overbought area.
Ripple looks strong and may break the resistance level in the coming days if it is not rejected at $0.360. Ripple’s MACD (moving average convergence divergence) is also rising, signaling a possible bullish trend for Ripple in the near future. The ripple price target remains around $0.40 which could be achieved in the upcoming days.
Ripple price analysis on a 4-hour chart shows the bullish momentum has slowed down after Ripple surged above the $0.345 resistance level and is currently in a consolidation phase at the $3.60 resistance level. Ripple bulls are looking to break past the resistance level as Ripple moves sideways, with its price hovering around the $0.34 mark. If Ripple breaks out of this resistance level, it could reach its next target of around $0.40 in the near future. Ripple’s recent price action and technical indicators suggest that Ripple may break out of the $0.36 resistance level and continue its bullish trend.
The moving averages for Ripple show that the 50-day moving average is currently above its 200-day moving average, indicating a bullish trend for Ripple in the coming weeks. Ripple also has strong support levels at $0.33, $0.31, and $0.30 which could hold if Ripple faces any selling pressure in the near future.
It is worth noting that Ripple’s market volatility is high at the moment as indicated by the bulging Bollinger bands. Ripple may also face some selling pressure if the overall market sentiment turns bearish in the coming days.
Overall, Ripple’s price analysis suggests that Ripple has a good chance of breaking out of the $0.36 resistance level and continuing its bullish trend in the near term. The Fibonacci extension tool shows Ripple’s next retracement levels at 0.382 Fibonacci, 0.5 Fibonacci, and 1.618 Fibonacci which Ripple may reach if it breaks out of the $3.60 resistance level. Ripple’s near-term outlook looks bullish and traders should keep an eye on Ripple as it continues its mini-rally in the coming days.
