Copyright © 2018

Ripple [XRP] Price Analysis: XRP/USD Short-Term Bullish Bias – Poised for a Comeback

ripple-xrp-price-analysis-xrp-usd-short-term-bullish-bias-poised-for-a-comeback
  • Ripple surged above $0.3400 resistance and extended the gains above $0.3750 before retracing.
  • XRP/USD declines likely to be contained above the 100 SMA 1-hour.

In the recent surge, XRP/USD witnessed a strong bullish force above the critical resistance at $0.3400. The price pulled higher above the hurdles at $0.3500 and $0.3600. It later extended the gains beyond the resistance at $0.3750 but settled marginally above the 100 SMA 1-hour. The retracement that followed failed to find support at the 61.8% Fib retracement level taken between the last swing high of $0.3803 and a swing low of $0.3071.

Ripple [XRP] Price Analysis chart Source: TradingView

Short-Term Bullish Bias: 1-Hour Chart

XRP/USD has settled at $0.3400 (key support). A forming bullish momentum has pulled it above the 50% Fib level (broken support). While at $0.3485, XRP bulls are eyeing the 61.8% Fib level with most indicators showing a bullish bias. XRP/USD needs to correct above the 61.8% Fib level which currently coincides with the 50 SMA 1-hour in order to open the door for more upward movement and retrace steps above $0.3500 resistance level. The Relative RSI 1-hour is gently sloping upwards to confirm the bullish momentum.

However, if Ripple fails to break past the 50 SMA and establish support above $0.3500 the price could breakdown again towards the support at $0.33 and the 100 SMA 1-hour. We can expect the downside to being contained and a comeback if the price stays above the supply zone between $0.3100 and $0.3200.

Key Technical Indicators

Relative Strength Index (RSI) 1-hour: Following the decline below 50, it is gently heading north at 47.98.

MACD 1-hour: Revamping upwards within the bearish zone.

Resistance 1: 61.8% Fibo coinciding with the 50 SMA 1-hour.

Resistance 2: $0.3500.

Resistance 3: $0.3747 (Medium-term hurdle).

Support 1: $0.3400.

Support 2: 100 SMA 1-hour (close to 38.2% Fib level).

Support 3: $0.3300.

Demand Area: $0.3000 – $0.3300.

The post Ripple [XRP] Price Analysis: XRP/USD Short-Term Bullish Bias – Poised for a Comeback appeared first on Coingape.