All the top three cryptocurrencies are flexing their bullish muscles at the beginning of the European session. Ripple is up 1.59% on the day, compared with Bitcoin (BTC)’s 1.38% growth and Ethereum (ETH)’s 1.75% on the day. XRP/USD prevailing momentum is bullish accept that volatility is shrinking (short-term) suggesting that gains are unlikely to be fast in the current and coming sessions.
Ripple is also about to cross above a descending channel resistance (which also forms part of a falling triangle resistance). A sustained breakout above the resistances coupled with the right volume could eventually catapult XRP/USD above $0.24 (medium-term hurdle).
Meanwhile, the price is trading at $0.23115 and battling a short term hurdle presented by the 50 Simple Moving Average on the 1-hour chart. The longer-term 100 SMA at $0.23475 resistance must be dealt with to pave the way for the movements past $0.24.
XRP/USD 1-hour chart
From a technical point of view, the Relative Strength Index (RSI) shows that bulls are slowly taking back control over the price. The RSI’s recovery from lows at 30 has pushed above the average (50). In other words, there is plenty of room for growth before XRP becomes overbought.
As far as support is concerned, Ripple bulls must ensure that $0.23 is established key support. However, if losses continue, the triangle support at $0.2231 will come in handy. Further downwards correction will seek anchorage at $0.22, $0.21 and $0.20 respectively.
Ripple Price Key Levels
Spot rate: $0.2311
Relative change: 0.00395
Percentage change: 1.73%
Trend: Bullish
Volatility: Shrinking
