XRPUSD Analysis: White Marubozu Pattern above $0.4462

FXOpen

Ripple price continues its bullish momentum after touching a low of $0.4462 on May 25. Strong upsides are located in the range of $0.5200 and $0.5500.

On the hourly chart:

  • We can clearly see a white Marubozu pattern above the $0.4462 handle, which indicates a bullish trend.
  • The relative strength index is at 66.22, which signifies a strong demand for Ripple at the current market prices and the continuation of the buying phase in the market.
  • Moving averages signal an upwards price movement at the current market level of $0.4992.
  • The STOCHRSI is in the oversold area, indicating buying pressure and bullish sentiment.
  • Ripple is now trading just below its pivot level of $0.5006. It’s facing its classic resistance at $0.5021 and a Fibonacci resistance at $0.5043, after which it will be able to move towards $0.5200.
  • A moving average bullish crossover is seen with AMA20 and AMA50.

Ripple Bullish Continuation Seen above $0.4462

We can see that the Ripple price continues to move bullish, and further resistance levels are at $0.5043 and $0.5231.

On the daily chart:

  • Some of the major technical indicators are bullish.
  • The average true range indicates low volatility.
  • Ripple prices are ranging near a new record 1-month high.
  • The horizontal resistance is broken.

The overall trend in Ripple appears to be strongly bullish, as the price remains above the $0.4900 handle as traders continue to enter long positions above the $0.4700 level.

The Ripple-to-USD exchange rate didn’t surge above $0.5100, so there is a rebound towards $0.5000.

The Week Ahead

Ripple price continues its bullish momentum from last week, staying above $0.4900. The next visible targets are located at $0.5200 and $0.5500.

Ripple price is gaining bullish momentum against the US dollar, as the pair remains well supported above $0.4700.

The resistance level is located at $0.5361, which is a 14-day RSI at 70.

We can see a continuous progression of a bullish trend line formation from $0.4462 to $0.5073.

The support level is at $0.4772, which is 14-3-day raw stochastic at 80, and at $0.4831, which is a pivot point.

The weekly outlook for the Ripple price is $0.5500, with a consolidation zone of $0.5300.

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

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