Briefly-
- Ripple’s 4-H chart confirms a declining wedge breakout.
- The crucial 50 SMA resistance near $1.1950 prevents XRP price rebound.
- RSI fluctuated southwards, holding over 50 levels to encourage bulls.
The XRP price rebounds from the $1.0543 9-day low appear to lose tractions around the $1.20 market. Such actions come as sellers dominate the alt’s market early today, Saturday. The asset will have to overpower several obstacles to unleash recoveries.
Ripple has had downtrends after the asset failed to maintain over the $1.30 at the start of the week. However, Friday’s attractive bounce seems to revive the optimism of bullish traders. If bulls can magnify their efforts now, XRP will surge higher.
As far as fundamentals are concerned, XRP has seen encouraging updates. For instance, the platform announced new functionality for XRP Ledger to challenge BSC and ETH on ‘smart contracts.’
XRP 4-H Chart
XRP stalled the renewed uptrend as it heads towards the horizontal 50-SMA on the 4-hour chart around $1.1950. Meanwhile, the token maintains an upside stance regardless of the recent plummets. The technical prints a plunging wedge breakout confirmed by a break over the falling trend-line resistance around $1.1201.
If XRP registers a breakout, bulls will try to conquer the price levels at 21-SMA near $1.1482 and 100-SMA at $1.629. On the other side, the RSI turned southward, confirming XRP retracement. However, the indicator steadies at 54.04, boosting confidence in bullish traders.
Meanwhile, XRP has to hold the 100- Simple Moving Average at $1.1658 to register upside moves. If the asset fails to maintain this mark, it might drop to the 21-DMA support at $1.1342. Increased losses might take the altcoin towards $1.0977 support. The declining trend-line (support) at $1.0222 will be the final defense line for Ripple (XRP) buyers.
Nevertheless, a 4-hour candle closing over the 50 Simple Moving Average will stage a recovery upside move to $1.30, August’s 23 highs. XRP bullish waves will face a massive barrier at $1.3494. However, magnified bullishness will have the asset rising to hit $1.3696.
We have more updates on your way. Stay tuned.
