Price Analysis

Ripple (XRP) Sees an Impressively Bullish Opening of the Week

  • XRP coin has lived up to the expectations of its investors lately; bulls totally seem possessed by the coin
  • The coin is about to test the $0.19 price level with positive bias; despite its slow pace, Ripple price is achieving hights
  • The recent bullish breakout took place overnight; saw an XRP/USD price shoot up above $0.1780
  • Apparently, the coin may not see any buying opportunity better than that of in mid-March; the coin firmly holds bullish technicals for now

While the currency is testing waters above $0.1880 to see if any further price escalations are possible, the rest of the market is also bracing itself for reliable recovery. However, the sustainability of the same still can be questioned, considering the current circumstances of the global economy.

Notably, Bitcoin is firmly marching upwards while trading above $7 100, and this has caused the market to see the ray of hope. It was in mid-March this year when the whole market faced a bearish blow owing to multiple market crashes amid the Coronavirus pandemic. A part of the dedicated crypto believers considered the plunge as an unmissable buying opportunity.

When the bears started creeping into the market, especially Ripple, one such crypto enthusiast opined at the time strongly regarding the buying opportunity:

The ongoing and steady price rally of XRP seems to be confirming the same opinion as it moves forward with a bullish sentiment right now. In the last week, XRP price has proved its potential as a digital investment asset by keeping its price trend in the safe zone. Let’s have a look at its weekly movement:

Ripple Price Analysis

The past week saw an opening at $0.1722, and from there, it formed a correction wave hitting a high at $0.1778 and a low at $0.1687. As it found a strong support level there, XRP started a stable surge while not looking back for even once.

XRP News
XRP/USD Chart By TradingView

The XRP price escalated by more than 12% over the next couple of days; meanwhile, it witnessed at least a three-day-long consolidation phase. The coin tested resistance level above $0.1895 yesterday, and now the coin has corrected to the price level of $0.1886.

Moreover, the coin is well above the 200-day EMA line as the bullish breakout happened near $0.1784. The coin holds bullish technicals, including RSI and MACD here.

Ripple News

As shown in this chart, a better part of consolidation took place between 61.80% to 38.20% Fib levels. Now, the Ripple price is just below the 0% Fib level. The moving averages have formed a bullish crossover here, and Bollinger bands are exhibiting the current volatile phase.

Tags

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

Related Articles

Back to top button
Close