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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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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