XRP was scarily bearish in the early hours today, but to the investors’ relief, the $0.2400 price level is still intact. The altcoin is following a price pattern perhaps, in which it declines in the first half and rises in the second half of the day. However, the recently formed bullish candlestick above the support line holds many hopes.
XRP tests support below $0.25; set to see a rebound
Ripple price has constantly been correcting down since today morning, and recently the currency has seen a decent support level near $0.2497. Here, the declining wedge has been halted as the bullish break-out initiated. In today’s price chart, Bollinger Bands are indicating an upcoming volatile spell with a positive bias.
Moving averages are showing a negative sign at the moment, and it just had a bearish crossover. Meanwhile, RSI is nearing the overbought zone. Notably, XRP has reclaimed the price range above $0.25 at 06:04:43 UTC.
The 24-hour chart of Ripple cryptocurrency also shows how the bearish trendline has been halted just now. Today, the coin has tested the resistance area near 100% Fib level before seeing the noticeable pullback. Also, after reaching above $0.2580, XRP sharply pulled back and later formed an inverted head and shoulder pattern, hinting a positive sign.
In this chart, the support line lies between 0% and 38.20% fib levels. Differing a bit from today’s price chart, here, the moving averages are heading towards a bearish crossover.
Is Ripple Price Stepping Up on its Own?
The ongoing bullish sentiment of the market is taking up the crypto community as well. Traders found it a bit surprising when XRP kept striking higher price spikes without showing a lot of dependence upon BTC. However, it is the fact that Bitcoin’s price trend spearheads the crypto market to a large extent.