Bitcoin (BTC), Cryptocurrency, News, Price Analysis, Ripple (XRP)

Ripple (XRP): Possibilities of Repeating History Around This Resistance Mark

Ripple (XRP) correlated with the past week’s market-wide surges within its recent climbing wedge recovery on the daily price chart. Meanwhile, buyers secured a closing past the shackles of the 50% FIB level and targeted a test of the nearest supply region. The close beyond the 20 Exponential Moving Average has reflected the latest buying pressure uptick.

A closing beneath or above $0.36 would be vital to leverage Ripple’s future price actions. While publishing this post, XRP changed hands near $0.3647, 4.65% up over the past 24 hours. The upside emerged as large-cap assets attempted to stretch the ongoing relief rally.

Ripple Daily Timeframe

XRP bounced back from the support at $0.3 after plummeting towards 16-month lows of $0.33 on June 18. Nevertheless, the alt witnessed an anticipated bearish pennant-like downward break on the charts. That saw it declining beneath the 20 Exponential Moving Average.

The past few weeks saw XRP forming a climbing wedge (reversal) setup as it breached the 4-month trend-line resistance, now support. Meanwhile, price action has witnessed a massive rejection near 61.8% FIB resistance for more than a month. The current candle closing beneath $0.36 would welcome a short-term slowdown for XRP.

Closing under the 20 Exponential Moving Average might bolster sellers to drag the alt to retest $0.31 in the upcoming sessions. That might mean continued sluggish movements around the POC (Point of Control).

Meanwhile, immediate recoveries would strengthen buyers to hit the supply territory around $0.38. Ripple buyers should wait for a closing beyond the golden FIB mark before calls’ execution.

Reasoning

The RSI flashes bullish trends as the indicator maintains its northbound outlook beyond the midline. Sustaining above this mark would help XRP buyers keep their immediate grounds.

Moreover, the VO (Volume Oscillator) witnessed lower peaks within the past three days and diverged (bearishly) with the XRP price. Meanwhile, the ADX flashed a substantial weak directional bias for the altcoin.

Final Thought

Ripple’s reversals from the resistance at 61.8% on its daily chart might ensure a bear rebounding opportunity. Moreover, the VO’s bearish divergence would bolster these possibilities. Price targets would stay as highlighted above. Nevertheless, enthusiasts should watch BTC’s actions and market-wide sentiments to identify potential bearish invalidation.

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