The Ripple price line moved towards $0.247 as a bullish cross took place on the 16th of September. Trading Shot is a Trading View analyst who is of the opinion that the XRPUSD trading pair will rise towards the $0.4 mark soon.
1-Day Ripple price analysis
The cryptocurrency fell to the day’s low of $0.234 US Dollars just as the trade for the 16th of September began. At the day’s highest, XRP traded at $0.245 US Dollars. At the time of writing, XRP traded at $0.244 US Dollars.
Will Ripple see a rise to $0.4?
The Trading View analyst Trading Shot believes that Ripple’s price will rise towards the $0.4 mark soon after the recent bullish cross plays out.
The Logarithmic Moving Average Convergence Divergence (LMACD) has depicted two bullish crosses. The first bullish cross occurred in July, while the second one has recently taken place. The cryptocurrency’s price rose in an ascending channel and moved towards the upper boundary of the trading channel right after the occurrence of the first bullish cross. Per the analyst, Ripple will repeat this behavior and it will move towards the upper trend line of the ascending channel again. The target price for this trade lies at the $0.4 mark.
Previously when XRP met the lower trend line, it developed an aggressive move towards the upper trend line. At the same time, the Relative Strength Index (RSI) also made contact with an ascending trend line that can be seen in the chart above. If this idea comes into play, XRP will gain more than 82% of its current price.
Ripple price technical indicators
On the 1-hour chart for the XRPUSD trading pair, the Bollinger Bands technical indicator depicted increased expansion after 18:00 GMT. This means that there was higher volatility in the XRPUSD trade. At the time, the cryptocurrency had fallen to a day’s low of $0.242.
The Bollinger Bands contracted in the evening where the XRP price showed minimal volatility and varied between the $0.244 and $0.245 levels. A buyer signal was shown at 18:15 GMT on the Moving Average Convergence Divergence (MACD) scale. On the hourly chart, the cryptocurrency’s price moved above the baseline moving average after gaining enough support from the lower Bollinger Band near closing time.
Inverse head and shoulders pattern?
The Trading View analyst Natural Born Hustler highlighted an inverse head and shoulders pattern for the XRPUSD trading pair on the 1-day chart. The analyst believes that if this pattern is completed, the price will turn bullish and rise towards the $0.8 mark.
XRP started forming the inverse head and shoulders pattern in November 2020. The head peaked at $0.11 while the right shoulder is yet to be completed. If this pattern gets completed, per the analysis, the cryptocurrency’s price will rise towards the $0.8019 level in the long-term trade.
Disclaimer. All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Cryptopolitan strongly recommends that you perform your own independent research and/or speak with a qualified professional before making any investment decision.