Ripple / USD Technical Analysis: Last Moment Save
- Ripple has a bullish short-term trading bias, with the cryptocurrency surging above the 0.3500 level
- The XRP / USD pair is starting to test towards its key 200-day moving average
- The daily time frame shows bulls attempting to break above a large triangle pattern
Ripple / USD Short-term price analysis
Ripple has a bullish short-term trading bias, with the XRP / USD pair surging above its 200-period moving average on the four-hour time frame.
The move higher has invalidated a bearish head and shoulders pattern on the four-hour time frame and ignited a bullish inverted head and shoulders pattern.
Technical indicators across the four-hour time frame continue to rise and show scope for further short-term trading gains.
Traders should note that the bullish pattern has an upside projection that would take the XRP / USD pair towards levels not seen since December 24th 2018.
Relative Strength Index
The RSI indicator on the mentioned time frame is bullish and is highlighting growing short-term buying interest.
The MACD indicator has turned bullish on the four-hour time frame and is starting to generate a strong buy signal.
Although the recent uptrend in the cryptocurrency market did not significantly impact XRP, new positive announcements from the project can quickly change that and boost the price.
The recent announcement from the London-based firm RationalFX that it will utilize xCurrent to make cross-border transactions for its clients may have created the momentum. The firm trades over 50 currencies for over 180,000 people.
Ripple / USD Medium-term price analysis
Ripple has a bullish medium-term outlook, with the cryptocurrency advancing towards its trend defining 200-day moving average.
The daily time frame shows that buyers are now testing towards trendline resistance from a large descending triangle pattern. The trendline is currently acting as dual technical resistance alongside the XRP / USD pair’s 200-day moving average.
If a technical breakout occurs, bulls are likely to target the October 1st, 2018 swing high.
Traders should monitor the daily time frame for a potential major technical breakout above the descending triangle pattern.
Relative Strength Index
The RSI Indicator on the mentioned time frame is bullish, although it is starting to approach overbought territory.
The MACD indicator on the daily time is bullish and is showing that the XRP / USD pair has significant scope to trade higher.
The medium-term prospects for the coin will depend on Ripple’s ability to find adoption for xRapid, which directly utilizes XRP for cross-border transaction payments. This could push the adoption of the XRP ledger and the demand for the XRP token.
Ripple has staged a strong technical reversal after moving dangerously close to a technical breakdown below the 0.3000 level.
Bullish patterns on both the four-hour and daily time frames suggest that the XRP / USD pair could soon perform a major bullish technical breakout.
A degree of caution is advised until a confirmed technical breakout occurs above the descending triangle pattern on the daily time frame.
What is Ripple and XRP? A quick introduction is available in our coin guide here.
For a deeper dive into the project, check out our DARE.
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