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Ripple-Promoted Token Price Analysis XRP / USD: Great Revival

XRP has staged a double-digit recovery.

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  • Ripple’s token has posted double-digit gains following a major rally in the altcoin space
  • The XRP / USD pair could start to move towards the $0.3500 level in the short-term
  • Technical pullbacks under the $0.3000 level should find strong buying interest from the $0.2850 level

XRP has finally made an upside recovery after spending close to five weeks trading under the psychological $0.3000 level. A broad-based rally in the altcoin space inspired the XRP / USD pair to move to its highest trading level since August 8th this year.

The XRP / USD has so far found technical resistance from just before the $0.3150 level, with the cryptocurrency recording impressive double-digit gains. In fact, from the August trading low, the Ripple-favored token has now recovered over thirty percent higher.

The cryptocurrency has recently been on shaky ground around the $0.2600 level, with the XRP / USD pair showing few signs that buyers were returning. The latest recovery in the XRP / USD pair could be a game changer for the cryptocurrency in the medium-term, particularly if buyers can steady price above the psychological $0.3000 level.

SIMETRI Research

The technicals for the XRP / USD pair are showing various scenarios that may play-out in the short-term. A bullish pattern is starting to take shape across the lower time frame, which could eventually form into a large inverted head and shoulders pattern if buyers can force price towards the $0.3500 level.

The bullish pattern has a $0.1200 upside projection, which could eventually propel the XRP / USD pair towards the $0.4700 level. The daily time frame also shows that a descending triangle pattern breakout is currently underway.

Looking at the near-term downside, moves below the $0.3000 level can expect to find strong dip-buying demand from around the $0.2850 level. Any sustained moves below the $0.2770 level should be troubling for XRP / USD bulls.

According to the latest sentiment data from TheTIE.io, the short-term sentiment towards Ripple is overwhelmingly bullish 89.00 %, while the overall long-term sentiment towards the cryptocurrency is bearish, at 35.00%.

 

XRP H4 Chart September 18 by TradingView
XRP / USD H4 Chart by TradingView


Upside Potential

The four-hour time frame is showing that XRP / USD pair has moved above its key short-term moving averages, which further highlights that bulls are back in charge in the near-term.

The daily time frame highlights that the XRP / USD pair’s 200-day moving average as the likely upside target, around the $0.3500 level. The $0.3500 level also corresponds with the neckline of the previously mentioned inverted head and shoulders pattern.

 

XRP Daily Chart September 18 by TradingView
XRP / USD Daily Chart by TradingView


 Downside Potential

The four-hour time frame is showing that the recent rally in the XRP / USD pair has created pockets of untested demand, around the $0.2850 and $0.2780 levels. Price may eventually lower to test these areas once indicators become oversold.

The daily time frame is currently showing major trendline support around the $0.2650 level, while the XRP / USD pair’s 50-day moving average is located around the $0.2850 level.


Summary

The Ripple-promoted token has staged an impressive double-digit rally after spending weeks trading towards the worst levels of 2019.

Technical analysis shows the $0.3500 and $0.4700 levels as the likely upside targets if bulls can maintain the recent upside pressure.

 

Find out more about Ripple in our coin guide.

A deeper look into the merits of the project can be found in our DARE.

 

XRP Chart

 

DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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