Ripple trades at $1.41 following a 10% gain in 24 hours. The cross-border token has consistently rebounded from the support at $1.12. Earlier this week, XRP was rejected marginally above $1.5. Therefore, this is a second attempt to break the barriers toward $2.
The four-hour chart has brought into light a descending parallel channel. The pattern has controlled the downward price action since the rejection ranges close to $2. The channel’s lower boundary support played a crucial role in stopping losses from extending under $1.
Moreover, Ripple held onto the middle boundary, as discussed on Tuesday. The support allowed buyers to concentrate on lifting above the upper boundary resistance. In the meantime, Ripple has crossed above the channel’s hurdle as well as the 100 Simple Moving Average (SMA).
On the upside, Ripple bulls have a task to sustain the uptrend above $1.4 and to close the day above the 50 SMA resistance. Here, more buyers would be called into the market as speculation builds for an upswing beyond $2.
XRP/USD four-hour chart
Other technical indicators such as the Moving Average Convergence Divergence (MACD) reinforce the bullish comeback by recovering the ground toward the mean line (0.00). Crossing into the positive region will be a powerful bullish signal. The MACD line has already crossed above the signal line, adding credence to the narrative.
Ripple intraday levels
Spot rate: $1.41
Trend: Bullish
Volatility: Low
Support: $1.4 and $1.12
Resistance: $1.5 and $1.6
