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Ripple price analysis: XRP advances upwards to $0.478 after bullish movement

Ripple price analysis

Ripple price analysis reveals that the digital asset has registered an increase of 1.92% over the past 24-hours. The cryptocurrency is trading at $0.478 after opening the day at $0.4682. The breakout was seen around when the price of XRP surged above the $0.47-mark and reached a high of $0.4852. The key resistance for Ripple is seen at $0.4852 and the support is at $0.4598.

The bears attempted to push the prices lower but the buyers stepped in and took control of the market but were unable to sustain the prices at higher levels. The 24-hour trading volume for XRP is $3.13 billion, and the market capitalization is $21.49 billion.

Ripple price analysis 1-day price chart: Firm bullish sentiment forms

The 1-day Ripple price analysis reveals that the cryptocurrency has formed an ascending parallel channel. The bear and the bulls have been locked in a close fight as the prices have fluctuated between $0.4598 and $0.4852 for the last few hours. The Relative Strength Index for XRP/USD is currently trading at 61.94, which suggests that the digital asset is neither overbought nor oversold. The MACD indicator shows that the Ripple price is slowly gaining traction as the fast-moving line crosses above the signal line.

image 351
XRP/USD 1-day chart. Source: Trading View

The exponential moving averages are sloping upwards, which indicates that the path of least resistance is to the upside. The 20 EMA is currently at $0.4734, while the 50 EMA is at $0.4633. The breakout above the $0.47-level can be seen as a positive development, but the digital asset will have to sustain its prices at higher levels to confirm the bullish move.

Ripple price analysis on a 4-hour chart: Recent developments

The hourly Ripple price analysis shows that the digital asset surged upwards and broke out of the $0.47- level. The bulls are currently attempting to push the prices towards the key resistance which is seen at $0.4852, and if they are successful, a move towards $0.5 can be expected in the near term. The key support for XRP/USD is seen at $0.4598, and a break below this level can result in further selling pressure as the prices may retest the $0.45-level.

image 350
XRP/USD 4-hour chart. Source: Trading View

The relative strength index is currently at 53.65 and is slowly rising towards the overbought region, which suggests that the prices may consolidate at current levels before a breakout. The MACD indicator indicates that the Ripple price is gaining momentum as the fast-moving line crosses above the signal line. The 20 EMA is currently at $0.4783, while the 50 EMA is at $0.4769.

Ripple price analysis conclusion

To, conclude, the Ripple price analysis shows that the digital asset has surged upwards and is currently trading at $0.478. The hourly and daily charts both indicate that the bulls are in control of the market. Bears may step in and push the prices lower if the digital asset fails to sustain its prices at higher levels.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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