Key Ripple takeaways
- The XRPUSD trading pair reclaimed the crucial resistance level of $0.7 in a rally nine days ago
- Ripple’s token looks primed for further bullish run-ups
- A combination of technical patterns point to breakout towards the $0.75 price level
JAIPUR (Coinchapter.com) – Ripple’s XRP has been trading in a bearish-cum-sideways trend since the great fall occurred (read May 19 crypto crash). But things are about to change as the borderless payments coin retested a crucial resistance level.
Twitter-based crypto analyst RESEARCH 24/7 was one of the first to point out XRP’s changing trend.
“$XRP $Ripple breaks resistance, targeting $0.70 XRP price action trends further upwards in a risk-on environment. The 55-day SMA has been taken out at $0.65. Ripple presents more upside potential toward $0.70 and the 200-day SMA at $0.72”, said a tweet posted by the handle yesterday.
XRP Pushes Past 55-Day SMA
The XRPUSD pair soared past the 55-day SMA wave (on the 4-hour chart), touching yesterday’s $0.6571 price point. Through a brief run-up that started on July 9 near the $0.6 low. Although the token has reversed course and trimmed gains, upside potential does exist.
XRP had reclaimed the $0.7 price point on July 4. In the fury of the rally that began after the mini-drawdown on June 22. However, the token fell prey to renewed bearish pressure.
But then XRPUSD scalped the $0.65 high from $0.59 (July 9), forming an ascending triangle pattern in the process. Such a chart pattern is characterized by higher lows and similar highs (Close for green candles and Open for red candles). And a rally to the upside.
Next Target $0.75, And Then $0.92
While the situation on the XRPUSDT chart looks insipid, the XRPBTC technical chart is indeed giving bullish vibes.
“…There is no major change in $XRP although XRPBTC printed a bullish candle. I will be following the intraday chart volatility in XRP and will be looking for scalping opportunities…”, noted another Twitter-based analyst “CRYPTWZRD” in the latest tweet.
The XRPBTC pair remains well buoyed above the 200-day moving average (MA) wave. Moreover, yesterday after a brief period of descending trend since June 30, a bullish candle blip showed up.
“0.00002250 BTC is the next major resistance target. Such a bullish impulsive move will push XRP higher. XRP’s Daily candle closed as a Doji and is waiting for Bitcoin to Lead the chart. Between $0.6000-$0.7200 is a range zone.” CRYPTWZRD noted.
“Above $0.7200 we will see some impulsive moves towards $0.9200.”, the anonymous Twitter analyst added further.