XRP/USD: Three Inside UP Pattern is Above $0.4404

FXOpen

Last week, the market sentiment remained indecisive after Ripple touched a low of $0.4404 on April 21 and started to correct upwards. The market opened bullish this week.

On the hourly chart:

  • The relative strength index is at 53.79, which signifies a neutral demand for Ripple at the current market prices and the continuation of the bullish phase in the market.
  • Moving averages signal an upward price movement at the current market level of 0.4556.
  • Both the STOCHRSI and Williams’s percent range are in the neutral zones, which means the price is expected to consolidate further.
  • Ripple is now trading just below its pivot level of 0.4560 and is facing its classic resistance at 0.4574 and facing Fibonacci resistance at 0.4587, after which it will be able to move towards 0.4800.
  • The prices are ranging near the horizontal support.
  • CCI indicator is giving a bullish divergence signal.

Some of the major technical indicators are bullish.

  • Ripple bullish reversal is seen above 0.4404.
  • The price is below its pivot level.
  • Average true range indicates High volatility.

We have also detected that MACD crosses UP its moving average in the 15-minutes timeframe.

Ripple Bullish Reversal Seen Above $0.4404

We can see that Ripple continues to move bullish, and further resistance levels are at 0.4800 and 0.5000. There is a bullish Harami pattern in the daily timeframe.

We are looking at the resumption of the long-term bullish trend in the market which is expected to push up the prices of Ripple above the $0.5500 handle.

The short-term outlook for Ripple has turned bullish, the medium-term outlook is bullish, and the long-term outlook is neutral.

We can see a decrease of around 4.96% in the trading volumes of Ripple as compared to yesterday, which is normal.

The Week Ahead

Ripple continues its bullish momentum from last week and has managed to remain above the $0.4400 levels. The next visible targets are located at $0.4800 and $0.5200.

Now, the prices have exited the consolidation zone, and a mild bullish momentum is visible on the daily timeframe.

The resistance level is located at $0.5040, at which the price crosses 9 day moving average stalls.

We can see a continuous progression of a bullish trend line formation from $0.4404 to $0.4831.

The support level is located at $0.4394, which is 3–10-day MACD oscillator stalls, and at $0.4405, which is pivot point 1st support point.

The weekly outlook for Ripple is $0.5000 with a consolidation zone of $0.4800.

This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, solicitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.

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