Ripple’s XRP heads for a critical resistance area that has the potential to perform sideways

  • Ripple’s XRP is currently trading in the neck or breakout zone for which investors are eagerly awaiting the final momentum
  • After hitting the new 52-week $ 0.7680, XRP saw strong profit booking momentum
  • The XRP / BTC pair is trading in the red with an intraday loss of -1.64% at 0.00003353 BTC
Source: Tradingview

The monthly chart of XRP / USD is under the bulls’ scrutiny as the price level moved from $ 0.470 to $ 0.6700 and moved above the 9 and 21 day moving averages. The coin after the buildup of bullish momentum from the $ 0.24 level to $ 7680, however, is corrected from the higher levels currently trading at the $ 0.65 price level with an intraday gain of + 3.36%. The monthly chart is also supported by the moving averages as the rally started when the 9 and 21 day moving average gave the positive crossover by suppressing the 50 day moving average. Now the 50-DMA acts for the short term period of time as the price candles closing above can be considered positive for higher levels in the next trading sessions.

Support for XRP is down at $ 0.4700, while strong support at $ 0.3000. The resistance on the upside is positioned at $ 0.7700 and $ 0.8000.

Source: Tradingview

The daily chart on a 1 hour time frame indicates XRP’s bullish momentum as it continues its bullish trend with training support from the trend line, which acts as a rising support line. But the coin is trading in the crucial area below the symmetrical triangle heading towards a breakout on both sides. The volume recorded in the past 24 hours is $ 17,222,291,989 and the total market capitalization stands at $ 29,449,144,018, while the performance for the past seven days was observed with a loss of approximately -6.31%.

The Relative Strength Index (RSI) after testing the overbought zone is corrected and is currently trading flat at the 56.87 level, which indicates its sustainability at the current market price level.

The Directional Movement Index (DMI) is swapped with the main meaning of + DI over -DI as the recent crossover of ADX over + DI is observed.

Moving Average Convergence Divergence (MACD) is not giving clear momentum but after the negative crossover, it is now ready for the positive crossover which indicates the positive momentum in the short team.

Levels of resistance: $ 0.7700 and $ 0.8000

Levels of support: $ 0.4700 and $ 0.300

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