Ripple Price Signaling More Upsides
[NEWS BLOG]: Ripple Price Signaling More Upsides
Recently, there was a steady increase in bitcoin and Ethereum, which helped ripple in recovering above the $0.2250 resistance. XRP price followed a decent bullish past and surpassed the $0.2300 resistance.
Moreover, there was a close above the $0.2320 resistance and the 100 hourly simple moving average. A new weekly high is formed near $0.2359 and the price is currently correcting lower.
It traded below the 23.6% Fib retracement level of the recent wave from the $0.2259 low to $0.2359 high. An immediate support is near the $0.2310 level.
Besides, there is a major bullish trend line forming with support near $0.2305 on the hourly chart of the XRP/USD pair. The trend line support is also close to the 50% Fib retracement level of the recent wave from the $0.2259 low to $0.2359 high.
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Statistics: Bitcoin Will Tumble to $6,000, Maybe Lower, If Bears Take Control Now
Despite the tepid price action over the past two days, Bitcoin has been on a remarkable rally over the past five weeks.
As this outlet reported recently, the cryptocurrency has done so well that as of Monday morning, BTC had printed five — yes, five — green weekly candles in a row for the first time since 2019’s small bull run, as analyst JofDom noted. The candles represent a rally of nearly 100%.
This is a stunning rally that has had analysts wanting more upside. For instance, a trader published the below chart, showing that there are remarkable similarities between the bottom - read more.
What is XRP ?
XRP is a token used for representing the transfer of value across the Ripple Network. The main purpose of XRP is to be a mediator for other - both cryptocurrencies and fiat - exchanges. The best way to describe XRP is a ‘Joker’. Not the creepy Batman enemy, but the card that can be any other card. If you want to exchange dollars to euro, it can be dollar with dollars and euro with euros to minimize the commission. As highlighted above, the transaction cost on Ripple is $0.00001.
An interesting fact: after the transaction the amount of $0.00001 ‘disappears’ - read more.
Ripple (XRP) Is Recovering But Here Is Why It Could Reverse To $0.165
Ripple Price Facing Hurdles
Yesterday, we saw more losses in ripple below the $0.1850 level. XRP price traded to a new monthly low at $0.1812 and it is currently correcting higher.
There was a decent support base forming above the $0.1820 and $0.1840 levels. The price is now trading above the $0.1850 level, plus the 23.6% Fib retracement level of the recent drop from the $0.1965 high to $0.1812 low.
However, ripple price is now facing a strong resistance near the $0.1890 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent drop from the $0.1965 high to - read more.