|Key XRP resistance levels:||$0.47, $0.5|
|Key XRP support levels:||$0.4, $0.38|
*Price at the time of writing
Ripple price long-term trend: Neutral
Ripple has now seen a price increase above the $0.4 level, following the recent positive performance displayed by the cryptocurrency market. The weekly opening hit a high of around $0.472, and trading has currently stabilized around the $0.43 level. XRP trading continues to maintain a bull flag pattern for the past month.
Looking at the price chart, we can say the bulls are in the process of taking charge of the market. While trading within the wedge boundary, the bears may locate close support at the $0.4 and $0.38 levels, while bulls are targeting a re-test of the $0.472 resistance. The 50-day moving average (blue line) is acting as a defensive line for the XRP market.
If a breakout occurs, however, a bullish move may propel Ripple to $0.5, which is an important psychological level. On the other hand, a bearish drive could drop the market back to $0.35, near the white line.
As suggested on the daily Stochastic RSI, XRP has reached an overbought area, signaling a potential price drop. After the monthly opening, the daily MACD has appeared in a downward direction and is now attempting to rise.
Ripple price medium-term trend: Neutral
A symmetrical wedge pattern has clearly appearead on the medium-term outlook as the cryptocurrency moves sideways. Considering the pattern, the trend lines are still wide and it may therefore take a long time for XRP to break from the wedge boundary.
For a classic breakout to occur, XRP needs to tighten and lock up the trend lines before we see can expect a significant change in the market trend. The 50 moving average has supported the recent positive move in the market.
The market has slightly dropped after testing the upper channel. If the drop furthers, we can expect support to be encountered at $0.4 and $0.38. A bullish continuation, however, could send the price to the $0.46 and $0.48 resistances.
The 4-hour Stochastic RSI is revealed at the oversold territory, signaling a potential bullish crossover. Similarly, the 4-hour MACD has crossed to the positive zone. If the indicator continues to remain positive, more buying pressure can be expected in future trading.
Ripple price short-term trend: Bearish
XRP, the third-largest cryptocurrency on the market, has followed an ascending broadening wedge pattern for the past eight days. However, the last 24-hours has revealed a bearish move after breaking the important 50 moving average, which is now a defensive line for the bears.
The hourly Stochastic RSI suggests that the market is ready to fall. The key support levels to watch out for are $0.42 and $0.41, where the lower wedge lies. On the hourly MACD, the XRP market is revealed in the bearish zone. Should the bulls regain control, we can expect the next buying pressure at the $0.45 and $0.46 resistance levels.