Cryptocurrency, News, Price Analysis, Ripple (XRP)

Ripple (XRP): What Could Dictate Short-Term Trajectory

Ripple’s XRP saw a momentary range-bound oscillation inside the $0.307 – $0.367 range that lasted about seven weeks. Nevertheless, the token’s gradual buying momentum surge saw its bullishly flipping the support at $0.36. This uptrend comprised an ascending channel on the daily chart.

Meanwhile, XRP buyers were yet to secure a decisive closing above the supply region to trigger an enormous bullish case. Closing beyond this mark can support buyers to extend their spree. While publishing this post, XRP traded at $0.3775, surging 1.96% within the previous day.

Ripple Daily Timeframe

The alternative token retests the multi-year-long support territory at $0.307 – $0.309 several times within the past month. Meanwhile, buyers maintained their position to print a foundation for lucrative upside within three weeks.

As the supply zone restricted the buying momentum, XRP noted recoveries beyond the 20EMA and 50EMA. The present upward channel trajectory has triggered seen the token resting in this supply territory several times. Meanwhile, bulls could exploit faintness in this area, especially as a bullish flag pattern finds support around its Exponential Moving Averages.

The bounceback from the support at $0.36 has seen XRP testing the $0.408 mark. Closing above this supply territory might catalyze buying edge in the short term. Furthermore, bullish flag patterns are usually more effective amid declining volume trends. XRP noted decreasing volumes during the flag formation.

Reasoning

The RSI’s (Relative Strength Index) comfortable spot beyond support at 54 might support buying activities within the upcoming sessions. Moreover, the CMF (Chaikin Money Flow formed lower highs to confirm a somewhat bullish divergence with the XRP price.

Its closes trend-line support might catalyze surges in buying volumes. Also, the MACD lines kept their bullish outlook while hovering beyond the zero level.

Conclusion

Considering XRP’s optimistic flip of the support at $0.36 plus the bullish flag pattern and the Chaikin Money Flow divergence, bulls would aim to extend the gradual upsides on Ripple’s charts.

Meanwhile, buyers’ failure to ensure a bullish cross on the 20-50 Exponential Moving Average might stretch the compression period before volatile breakouts showcase. Either way, targets would stay as mentioned above. Also, XRP fans should watch the broad market and BTC cues for possible bullish invalidations.

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