Charted: How Bitcoin’s Surge Pumped Ripple (XRP) Into The Green Zone

Spread the love

Ripple trimmed its losses after bitcoin’s rally against the US Dollar. XRP price gained 30% and it is now trading well above the $0.5500 resistance level.

  • Ripple started a strong increase from the $0.4350 support zone against the US dollar.
  • The price is now trading well above $0.5200 and the 100 simple moving average (4-hours).
  • There was a break above a key declining channel with resistance near $0.5300 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is gaining pace and it seems like the bulls are aiming a test of the $0.6000 resistance zone.

Ripple’s XRP Price is Gaining Bullish Momentum

Yesterday, we saw a nasty decline in ripple’s XRP price below $0.4500. The price traded as low as $0.4352 and recently started a fresh increase. There was a sharp rally in bitcoin, Ethereum, and XRP.

The bulls took over the crypto market and XRP surged above the $0.5000 resistance level. The upward move was such that the price gained over 30%. During the increase, there was a break above a key declining channel with resistance near $0.5300 on the 4-hours chart of the XRP/USD pair.

The pair even surpassed the 50% Fib retracement level of the key downward wave from the $0.5945 high to $0.4350 swing low. It even spiked above the $0.5500 resistance zone.

RECOMMENDED READ:  This Coin’s Supply Goes Up as Its Price Rises

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

It is now trading near the $0.5700 resistance level and the 100 simple moving average (4-hours). It is showing a lot of positive signs. An immediate resistance is near the $0.5890 level. It is close to the 61.8% Fib retracement level of the key downward wave from the $0.5945 high to $0.4350 swing low.

A close above the $0.5890 level could set the pace for a sustained upward move towards the $0.6000 and $0.6120 levels in the near term.

Dips Supported in XRP?

If ripple starts a short-term downside correction, it could find support near the $0.5500 level. The first major support is near the $0.5400 levels, where the bulls are likely to take a stand.

The main support is near the broken channel trend line or $0.5200. Any more losses may perhaps decrease the current bullish pressure.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.

Major Support Levels – $0.5500, $0.5400 and $0.5200.

Major Resistance Levels – $0.5800, $0.5890 and $0.6000.

 362 Interactions,  2 today

READ ALSO:
What is the concept of Crypto Arbitrage? – Earn Money With Cryptocurrency

Where there is a price gap between two or more exchanges, there is an opportunity for cryptocurrency arbitrage. Arbitrage is Read more

Central Bank of Nigeria (CBN) and Nigeria’s SEC iin talks about crypto regulation, 2020 crypto guidelines  suspension unchaged.

The Securities and Exchange Commission (SEC) of Nigeria has reported that discussions with the Central Bank of Nigeria (CBN) about Read more

Bank of Korea’s Governor is the first to criticize the “limitations” of crypto-assets.

In South Korea, there has recently been a large increase in crypto-investments. Unlike in the United States, regulatory authorities in Read more

Bitcoin Price Movement Analysis for 16th April, 2021

Today, the Bitcoin price is plummeting as buyers race to win after it hit an all-time high of $64,945. Bitcoin Read more

The Nigerian Securities and Exchange Commission (SEC) claims that the central bank’s crypto ban has caused business disruption.

The Nigerian Securities and Exchange Commission says it is collaborating with the central bank to develop a regulatory system for Read more

RECOMMENDED READ:  British company, BCB Group, to help businesses invest in Bitcoin
Finance authorities dismiss cryptocurrencies, in the wake of Coinbase’s IPO celebrations

Economic gatekeepers are taking a closer look at blockchain as mainstream coverage of the Bitcoin bubble and Coinbase listing intensifies. Read more

Romanian university intends to consider cryptocurrency payments for admissions fees.

The academic college, which has about 11,000 students, stated that the inclusion of crypto payments was part of a campaign Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Fidelity’s Tom Jessop on why Crypto has reached a “tipping point.”

The crypto market has gained traction as a result of low interest rates and fiscal stimulus, according to a Fidelity Read more

How arrests for attempting to obtain a hitman and a nuclear bomb demonstrate that the dark web is not always anonymous.

Paying with cryptocurrency does not guarantee your safety. Most of the criticisms levelled at cryptocurrencies is that its difficult-to-trace existence Read more

Bitcoin, BTT, Dogecoin Price Movement Analysis for 7th April, 2021

Bitcoin was expected to remain above the $55,800-support, a level that coincided with its 200-SMA. BitTorrent Token was projected to Read more

Leave a Reply

Contact Us