- Ripple price analysis indicates an uptrend
- XRP is currently trading at $0.3862
- Support levels are present at $0.35 and $0.30
Ripple price action has been performing well over the past few days, with most cryptocurrency prices bullish today. XRP has extended gains towards an intra-day high of $0.3895, gaining by 1.55% in the last 24 hours. Ripple’s trading volume has declined by over 20%, currently at $712,637,192.The altcoin is down by 3.77% in the last seven days.
Looking forward, there are several key support levels that XRP will need to break before further gains can be expected. These include $0.35 and $0.30, which may prove challenging for this cryptocurrency, given its current bullish momentum. However, with many altcoins currently trading in the green, further gains are possible for XRP in the short term.
Ripple price analysis on a daily chart shows Ripple has been making higher highs and higher lows and is trading above the 100 SMA. The short-term 50 SMA is also trending higher with support at $0.40, which has been set as a resistance level by XRP bulls.
If Ripple can clear the $0.40 resistance level, then it may continue its upward trajectory to test the next key resistance zone at $0.60, where strong selling pressure may emerge.
In the longer term, XRP will need to break above the 200-day SMA level of $0.70 before it can be considered a firm uptrend. Ripple price analysis on 4-hour and hourly timeframes show a continuation of a bullish run. XRP is also trading well above the 100 and 200 SMA dynamic support levels on the 4-hour chart.
The Relative Strength Index is also trending higher on the hourly chart, indicating that buyers are in control of XRP price action. At the same time, the Stochastic Oscillator shows a bullish crossover indicating that price action is heading higher.
The following key resistance levels to watch for will be at $0.40 and $0.50, with the former likely to offer strong selling pressure if approached by Ripple bulls in the short term.
In conclusion, Ripple appears to be preparing for a bullish run toward the key $0.40 resistance level in the short term. However, the retracement from this level could ultimately determine whether Ripple continues to gain or drops below the key support levels of $0.35 and $0.30 in the longer term.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
