Briefly –
- Ripple sees its value dropping 7% of its gains over the past day, revisiting the $1.1 support.
- XRP needs to conquer the $1.4 – $1.6 resistances for an upside move towards $2 and above.
- The MACD might switch to bearishness at any moment as the 12-d EMA crosses beneath the 26-d EMA.
Ripple ended last week trading at $1.35. Such actions triggered investors’ interests as market players predicted a move to $2. Meanwhile, the altcoin registered corrections that saw XRP losing some gains to $1. Meanwhile, the $1.1 support is critical to prevent further losses. However, data from CoinGecko shows that XRP trades 7.4% down in 24 hours.
Ripple Recoils after $1.1 Support
The international money transfer asset hovers around $1.2 for now. Meanwhile, near-term bulls battle to take the token over $1.4 levels. The RSI depicts bulls succeeding on their mission, preventing extended correction. While writing this, the Relative Strength Index, the indicator that measures the asset’s strength, holds at 70-level. As the signal resumes its overbought territory moves, XRP might surge higher in the sessions to come.
Interestingly, the 12-hr chart shows that the 50 SMA might cross over the 200 SMA in the upcoming sessions. Though not a golden cross, the development supports northward moves. That way, the altcoin might see increased bullishness as buyers challenge the barriers at $1.4 and $1.6.
Meanwhile, it is not a guarantee that Ripple will see an upswing. For instance, MACD flipping bearishness in the upcoming sessions will annul the upswing narrative. That is because of the emerging sell sign. Meanwhile, the possible continuous correction will surface the moment the 12-d EMA crosses beneath the 26-d EMA.
Keep in mind that the MACD monitors Ripple’s price actions and measures its momentum. A shift towards the mean-line confirmed the bearish attitude. That is why this indicator is essential to determine the exit and entry positions.
However, if the asset sustains its bullish trends, it might see highs in the following sessions.
Intraday Levels
- Spot rate – $1.21
- Trend – bullish
- Volatility – increasing
- Resistance level – $1.4 and $1.6
- Support level – $1.1 and $1
