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Ripple (XRP) was trading around $ 0.27 early last week before jumping nearly 70% to highs near $ 0.50
Ripple (XRP) posted the largest weekly gains among the top ten cryptocurrencies last week. After hitting highs of $ 0.47 on Nov 21, panic selling seemed to hit when the next candle hit $ 0.496 and $ 0.40 before settling around $ 0.45 yesterday.
Overall, at the time of writing, XRP is trading above $ 0.46 and has risen more than 70% over the past seven days. The upside means that XRP / USD is changing hands at the price levels last seen around June 2019.
XRP / USD
Although the bullish trend has cooled somewhat, the near-term picture for XRP / USD suggests that the bulls may still push higher. The scenario is likely to develop if the bulls continue to hold above $ 0.45 in the coming sessions. A repeat of the strong bullish momentum seen last week could offer buyers the opportunity to push towards highs near $ 0.50.
Currently, XRP / USD is trading above the 78.6% ($ 0.45) Fibonacci retracement level of the $ 0.49 swing up to $ 0.39 down. If the bulls hold Ripple above this turned resistance area, the buffer it provides will help buyers create an onslaught to the psychological $ 0.50 level.
Success to break out of the $ 0.50 barrier on upside momentum could push XRP / USD to $ 0.60. From there, the bulls will aim at the $ 0.75 area (September 2018 highs).
XRP / USD daily price chart. Source: TradingView
If that fails, the bears may first push prices to Sunday’s peak around $ 0.43 before attempting further damage at $ 0.40. The support at $ 0.43 is just above the 61.8% Fibonacci retracement level, while the latter is close to the 38.2% Fibonacci retracement level of the $ 0.49 swing high to 0. $ 39 minimum.
XRP / USD 4-hour price chart. Source: TradingView
The 4-hour chart shows that the bulls remain strong above $ 0.40 as the RSI holds strong above the 70 line. The bulls have the upper hand as long as they hold prices above $ 0.45.
However, with the bears making it difficult to break the resistance around $ 0.47, a retest of the $ 0.49 level could prove a bit challenging.
This outlook is likely to push XRP / USD into side trading, mainly because traders may be looking to profit on any upside opportunity. In this case, the near-term picture could include the XRP correction to the 20-SMA ($ 0.40) and then to the 50-SMA ($ 0.33).
