Ripple Price Analysis: XRP/USD bounces off key supports to renew bullish bets


  • XRP/USD keeps corrective pullback from 100-day SMA, previous resistance.
  • Bullish MACD, sustained recovery direct buyers toward the key Fibonacci retracement levels.
  • Sellers have yearly support line as an extra barrier to cross for entry.

XRP/USD picks up the bids around 0.3965 during early Thursday. The cryptocurrency pair marked a reversal from 100-day SMA and a six-week-old support line, previous resistance, the previous day.

The recovery moves also gain support from bullish MACD and strong RSI conditions to suggest further upside.

In doing so, 50% and 61.8% Fibonacci retracement levels of November-December 2020 downside, respectively around 0.4780 and 0.5500, gain the market’s attention.

Also acting as an upside barrier is the weekend’s high around 0.5170 and December 17, 2020 peak surrounding 0.6580.

Meanwhile, a downside break of 100-day SMA, at 0.3715 now, will have to drop below the previous resistance line, currently around 0.3430, to revisit the sub-0.3000 area.

However, an upward sloping trend line from December 29 near 0.2600 will be a tough nut to break for the XRP/USD bears, which also holds the key to the 0.2000 threshold and December low of 0.1719.

XRP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 0.3961
Today Daily Change 0.0232
Today Daily Change % 6.22%
Today daily open 0.3729
 
Trends
Daily SMA20 0.3059
Daily SMA50 0.3274
Daily SMA100 0.37
Daily SMA200 0.313
 
Levels
Previous Daily High 0.4118
Previous Daily Low 0.3406
Previous Weekly High 0.317
Previous Weekly Low 0.244
Previous Monthly High 0.5167
Previous Monthly Low 0.2109
Daily Fibonacci 38.2% 0.3678
Daily Fibonacci 61.8% 0.3846
Daily Pivot Point S1 0.3384
Daily Pivot Point S2 0.3039
Daily Pivot Point S3 0.2671
Daily Pivot Point R1 0.4097
Daily Pivot Point R2 0.4464
Daily Pivot Point R3 0.4809

 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP