Ripple Price Analysis: XRP Bulls Set to Strike Strong Price Recovery as Bitcoin Again Soars Above $11000
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- Yesterday, Ripple remained below $0.4 for a majority part of the day, price rebounds today
- XRP price has been holding to its support level at 0.40 since today morning
- Over the last 7 hours, Ripple shows 2.10% of increase, forms support near $0.38
- XRP is anticipated to surge above its initial resistance as BTC price reaches above $11k
XRP is slowly tracing a price recovery against U.S Dollar, however, it is yet to tap onto a bullish trend. While Bitcoin is rapidly gaining as it has been trading above $11k steadily since daybreak.
Yesterday, Ripple price was chiefly trading below its critical support point of 0.40. The coin had witnessed three sharp price falls even below $0.39 having its 24 Hour low price at $0.3844.
Although in the last 7 hours, the coin has maintained a steady upward price momentum as it has struck a price recovery after testing support at $0.3926. With an increase of 3.09% Ripple has climbed above $0.40. Since then, the crypto-coin has been trading above $0.40. At 04:04:55 UTC, XRP was trading at $0.4034.
XRP 7-Hours Price Chart
Since the last couple of days XRP price was tumbling heavily, its current price is still lagging behind its 20 day SMA ($0.4310) by 6.40% which shows that despite the rebound, the coin is yet to step out of the bearish impact.
The price is currently trading in the narrow range near $0.40. If the coin fails to make a move above $0.41, it can see further fall. As the coin has initiated a fresh increase, a surge above $0.42 can invite bulls for its price trend.
Ripple Technical Indicator and Prediction:
Currently, the MACD chart seems bearish and is heading towards a bullish crossover. RSI for XRP/USD is near 50 showing no extremities. If Ripple coin manages to clear resistance above $0.40, which it is likely to, it may see further resistance at $0.4118 and $0.4234. Though if the coin takes a dip, it may see support levels at $0.3865 and $0.3728.
