Upside limited amid a growing bullish momentum

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  • Ripple is trading at $0.3071 following a 0.47% loss on the day.
  • Ripple technical analysis points towards sideways trading in the short-term.

The recent widespread bearish correction on the market did not spare Ripple. The intraday charts show Ripple having lost 0.44% of its value following the declines on Thursday and Friday. At press time, Ripple is trading at $0.3071 following a 0.47% loss on the day.

XRP/USD 4-hour chart

XRP Price Predcition
Chart source: Tradingview

The 4-hour chart shows the formation of a triangle pattern which is currently closing at $0.2990 level. However, there is a high chance that the price will make a significant headway past $0.3000 in the event we see an upside correction, Meanwhile, we are likely to see a correction with Ripple sliding back into the support congestion zone between $0.2990 and $0.3000. Similarly, experts on the market believe Ripple will sustain the sideways trading around $0.3000. However, Ripple does have a bullish outlook in the short-term according to Ripple first-quarter report.

The 4-hour chart for XRP/USD, technical analysis show that Ripple is poised for an upside reversal following the support formed at $0.2800. Ripple’s upside is initially capped at $0.3100. The chart also places the second support at $0.3000 and the third at $0.2800.

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On the upside, the price will face resistance at the 100 SMA 4-hour at $0.3145 and the 50 SMA 4-hour at $0.3246. The fact that the 50 SMA is above the longer term 100 SMA, shows that the bulls still have a lot of influence on the price which is flirting with $0.3066 amid a building bullish momentum that is building towards $0.3100 (immediate resistance).

According to the RSI, the bullish momentum is likely to correct higher in the short-term. The RSI at 47.0354 is trending sideways after the rejection from the levels around 50.00. The upside will also depend on XRP/USD correction past $0.3100, besides the bulls have eyes on $0.3200 in the near-term.

Ripple XRP Technical Indicators

RSI-hour: 47.0354

100 SMA: $0.3244

EMA 200: 0.3220

Support 1: $0.3000

Support 2: $0.2900

Support 3: $0.2784

Resistance 1: $0.3127 (intraday high)

Resistance 2: $0.3200

Resistance 3: $0.3300

Summary

Ripple XRP Price Prediction Today: Upside limited amid a growing bullish momentum

Article Name

Ripple XRP Price Prediction Today: Upside limited amid a growing bullish momentum

Description

Ripple is trading at $0.3071 following a 0.47% loss on the day.
Ripple technical analysis points towards sideways trading in the short-term.

Author

John isige

Publisher Name

Coingape

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