• Tue. May 28th, 2024

Ripple (XRP) Rides Bullish Pattern; Time to Buy?

Sep 30, 2022

The 20 September bullish break from the resistance at $0.385 released Ripple’s XRP from a 3-month consolidation. With the range breakout plus enhancing market sentiment following recent SEC vs. Ripple developments, the remittance token gained 43% to hit the $0.5523 peak. Nevertheless, XRP price endured substantial declines amidst some swift sell-offs within the cryptocurrency market.

Vital Points

  • The post-retracement rally has XRP price surging by 12%.
  • The 50 and 100-day EMAs seem ready for a bullish cross.
  • XRP’s intraday trading volume is $4.5B, suggesting a 123% uptick.

The latest correction has the XRP price declining by 24.4%, and the remittance token hit the 61.8% FIB retracement at $0.42. Nevertheless, the altcoin faced rejection at the lower charts, welcoming a daily candlestick beyond the support at $0.446.

Nevertheless, this retracement was essential (following a sudden surge) to steady the token’s price action. XRP saw its price rebounding from the support at $0.446 on 29 September, following a morning star candlestick. This bullish pattern plus the long-tail rejection shows a high demand region at $0.446.

Nevertheless, the post-retracement rally still encounters supply pressure around the supply region at $0.513. Today’s sessions saw the alternative token gaining 2.65% and attempts to steady beyond the 200-day Exponential Moving Average support.

Persistent bullish pressure might see the prices breaching this resistance before resuming the ongoing recovery. Such a breakout will confirm a sentiment shift from selling amidst rallies to purchasing the dips.

Furthermore, the technical chart shows the price action formed a rounding bottom setup. This bullish formation had the price maintaining a bullish trend, and sustained buying would push the market value to $0.56 or higher to $0.66. Conversely, the sellers’ dedication to defending the resistance at $0.513 would see potential reversals from this hurdle will deteriorate the bullish narrative.

Technical Indicators

  • Exponential Moving Averages

A surge of critical Exponential Moving Averages (20-50-100) shows the near-term trend switched bullishly. Furthermore, the 20-day Exponential Moving Average represented a dynamic foothold to soaring prices.

  • Relative Strength Index

The Daily-Relative Strength Index slope reverted from oversold rejections shows the massive buying momentum has neutralized.

  • Resistance zones – $0.515 and $0.57
  • Support zones – $0.446 and $0.424

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