It’s been more than a week since Bitcoin hadn’t hit the $7000 price mark, but in the last 24 hours, the bulls seem to have turned the tide! BTC price is already above $7000; yesterday too, it traced a close above $7000 for once.
Replicating the same move, XRP has also traded above $0.18 twice over the last 24 hours. It was just yesterday when we saw how Ripple is desperately approaching the $0.18 price mark.
XRP price has reclaimed the $0.18 price level after a week, and this has brought in some good cheer among its investors. However, the way the market kept giving a series of shocks and surprises for a month, it is risky to rely upon any sudden surge. Regarding XRP coin’s current trend, Jay Chiew, a prominent crypto trader, has opined through his twitter handle:
If you understand fractals can emerge, then understand #XRP price prediction cannot be precise. Here are 3 different potential scenarios current price action can represent. #xrpcommmunity #cryptocurrency pic.twitter.com/T7f3JJcMbH
— JayChiew88 (@JayChiew88) April 3, 2020
Ripple Price Analysis
For the first half, XRP price kept ranging around $0.17, and after a sharp spike above $0.1830, the coin again started a steady march towards $0.18. As the pullback took place before that, the $0.1760 acted as strong support.
Today, the currency has resumed the uptrend, and it has reached as high as $0.1826 without any major fluctuation. Here, Bollinger bands are not showing any major volatility, while moving averages are also in the positive phase. Notably, yesterday’s spike has formed a head and shoulder pattern.
After yesterday’s pullback, Ripple’s escalation has reached near the 0% Fib level with a bullish bias. The 61.80% and 100% fib levels are anticipated to come across as active support levels. The XRP coin is well above the 200-day EMA line is continuing to move upwards. Also, RSI and MACD are in a bullish zone; all these strongly point out to an upcoming and much-needed price recovery.
