Analysis: Ripple (XRP) is Sky Rocketing the Crypto Market

Analysis: Ripple (XRP) is Sky Rocketing the Crypto Market

XRP/USD Medium-term Trend: Bullish


Resistance Levels: $0.50, $0.53, $ 0.57
Support Levels: $0.46, $0.43, $0.40
The cryptocurrency is bullish in its medium-term outlook. The coin was consolidating for more than two days. Later yesterday, it was a bit bearish but the bears were unable to push the coin below the demand level of $0.40 as the bulls came into the market by forming bullish hammer candle.
Today, the bulls with increased momentum pushed the price up and broke the resistance levels of $0.46, $0.50 and $0.53. The bulls took over the market for some time before the bears returned to the market and pushed the price back below the support level of $0.46 which may serve as a retest to the level.
The coin is currently, above the 50-day EMA while the 10-day EMA is below the 50-day EMA which connotes the continuation of an uptrend.  The MACD indicator with its histogram is above the zero line and its signal lines are pointing to the north which suggests buying signal.

XRP/USD Short-term Trend: Bullish


XRP is also bullish on the short term. Earlier today, the coin experienced consolidation for few hours before the Bulls took control of the market. There was a sudden increase in the market as the bulls increased their pressure and the coin rally rapidly to the north and this might be a fundamental effect on the market.
The coin move to the higher level of resistance of $0.50 before the bears interrupted the uptrend movement and pushed the coin back to the support level of $0.46 which may serve as a retest before it resumes to the uptrend.
On the 1–hour chart the 10-day EMA has crossed the 50-day EMA upside and the price is above the 10-day EMA which indicates that price is increasing. Moreover, the MACD histogram is above the zero line and the signal lines are pointing to the north which indicates a buy signal.

What's Your Thought On This?, Let Us Know In the Comment Section Below.

Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram