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XRP/USD Defends Ascending Channel Support

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XRP/USD Defends Ascending Channel Support
  • XRP/USD revamps the trend upwards and technical levels start sending bullish signals.
  • Ripple trends higher within a rising channel; short-term support established at $0.4200.

Ripple is among the cryptocurrencies that are building a bullish momentum following the rejection at $0.46 in the wake of the bull rally from the recent support at $0.36. Many experts had predicted XRP/USD growth above $0.50 in the recent bull rally instead, the price stalled at $0.46; slightly lower than the previous high at $0.47.

Short-Term support has been established at $0.4200. At the same time, the ascending channel lower trendline continues to prevent dips due to the rising volatility on the market. While supported by the 50 Simple Moving Average(SMA) 1-hour, the price has increased in value to exchange hands at $0.442.

The initial resistance for the third largest crypto rests at $0.45. A second hurdle is seen at $0.47 while the supply zone at $0.50 will limit gains. If XRP/USD can correct above $0.47 (previous hurdle), the price could have a clear path to $0.50 resistance and focus on higher levels heading to $0.60.

Meanwhile, the Moving Average Convergence Divergence (MACD) is changing direction upwards to show that the buyers are gaining traction and a formidable reversal expected. The increasing gap between the moving averages also confirms the bullish momentum. In fact, it is just a matter of time before Ripple corrects above $0.45.

XRP/USD 1-hour chart

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Posted-In: Bitcoin crypto marketCryptocurrency News Forex Global Markets General

 

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