2021-3-4 13:41 |
The formation of a W pattern suggests XRP price could break above $0.50 and retest recent highs if bulls strengthen
As Bitcoin (BTC) looks to reclaim and establish support above $50,000, several altcoins are printing gains that could build towards fresh rallies. Ripple (XRP) is one such coin, having gained over 5% in the past 24 hours to see it top other top ten assets.
Ripple price poised below $0.50XRP price has hit an intraday high of $0.47 and could break above a downtrend line and rally towards the critical supply barrier at $0.55. The appearance of a bullish pattern also means that another leg up could see Ripple’s price aim for recent highs at $0.65.
Bulls could also retest resistance near $0.79 short term, although an opposite outlook could materialise and see a pullback to lows of $0.40 and potentially $0.25.
Ripple price technical pictureXRP price remains within an ascending parallel channel, with the current price level coming off a bounce near the lower boundary of the channel.
The upside to $0.47 puts XRP on the cusp of breaking above a short-term downtrend line formed since the retreat from $0.64 high to $0.39 low.
If bulls manage to push higher on increased buying, they could settle well above the 50% Fibonacci retracement level and the 20-day EMA ($0.467). Such a move would allow buyers to seek a fresh attack at the resistance near the 61.8% Fib level ($0.55).
The middle line of the ascending channel is also located around the said Fib barrier. A clear break above could strengthen bulls’ push for $0.65 and $0.79.
The above outlook will likely become clearer if the MACD validates its hidden bullish divergence. The buy signal of the Super Trend indicator and the W pattern suggested by the trend line also supports the upside perspective.
XRP/USD daily chart. Source: TradingViewThe above bullish view would be at risk of dissipating if bulls fail to break above the aforementioned supply wall (50% Fib level). In case this happens and bears push XRP/USD below $0.44, the main support zone is at $0.40 (the 38.2% Fib level).
Any more losses from this level could turn XRP’s short-term market outlook bearish and see increased selling that could plunge prices past the lower support of the channel.
The 23.6% Fibonacci retracement level ($0.31) could provide another anchor, although a diving XRP/USD pair could reach horizontal support at $0.25.
The post Ripple Price: XRP poised near key supply barrier at $0.50 appeared first on Coin Journal.
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