XRPUSD Analysis: Three White Soldiers Pattern Above $0.4441

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Last week, the market sentiment remained indecisive after Ripple price touched a low of USD 0.4441 on May 18 and started to correct upwards, with the prices ranging near a new record high of 1 month.

On the hourly chart:

  • The relative strength index is at 53.20, which signifies a neutral demand for Ripple at the current market price and the continuation of the consolidation phase in the market.
  • Moving averages signal an upwards price movement at the current market level of 0.4609.
  • The ADX and CCI are both in the neutral zone, which means the price is expected to consolidate further.
  • Ripple is now trading just below its pivot level of 0.4628 and is facing its classic resistance at 0.4660 and Fibonacci resistance at 0.4705, after which it will be able to move towards 0.4900.
  • The Ichimoku price is over the cloud, indicating a bullish market.
  • Bullish price crossover seen with moving averages MA20 and MA50.

Ripple: Bullish Reversal Seen Above $0.4441

We can see that Ripple’s price continues to move bullishly, and further resistance levels are at 0.4707 and 0.4788.

On the daily chart:

  • Some of the major technical indicators are bullish.
  • Ripple’s price bullish reversal is seen above 0.4441.
  • The Ripple price is below its pivot level.
  • The average true range indicates low volatility.
  • Bullish price crossover seen with moving averages MA20 and MA50.

Ripple-to-USD exchange rate was unable to clear its resistance located at USD 0.4800 level and we can see a rebound towards USD 0.4700 in its price.

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

The Week Ahead

Ripple’s price continues its mild bullish momentum from last week and has the Ripple-to-USD exchange rate remaining above the USD 0.4600 level. The next visible targets are located at USD 0.4700 and USD 0.4900.

Now, the Ripple price has exited the consolidation zone, and a mild bullish momentum is visible on the daily timeframe.

The resistance level is located at USD 0.4860, which is a 1-month high.

We can see a continuous progression of a bullish trend line formation from USD 0.4441 to USD 0.4687.

The support level is located at USD 0.4577, which is 38.2% retracement from 4-week high, and at USD 0.4614, which is pivot point.

The weekly outlook for the price of Ripple is projected at USD 0.4900 with a consolidation zone of USD 0.4800.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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