Ripple has officially renewed its bullish momentum. This has made the bulls reclaim the position above the price level of $0.21. The technical levels have begun to align in support of a breakout that targets various price ranges. The price ranges are $0.22, $0.23, as well as $0.25.
Testing A New Support
The XRP bulls didn’t remain in the crypto longer than the necessary time period. This is something that was expected in the previous analysis. The losses that were experienced in the whole week saw the coin test a new price level. On Monday, XRP managed to test new support of $0.20.
The overwhelming support at this level, luckily placed XRP in the last upward trajectory. It has managed to maintain an uptrend that is right above the accelerated trendline, which is indicated by the dotted lines in the charts.
The New Support
The price is now teetering a new price level of $0.2160. This has come after a 2.5% growth that was witnessed on Tuesday. The Acton during the early Asian session has always been about the bulls.
The support that was offered by the 50 – SMA Simple Moving Average on the four-hour chart. The continuing recovery is entirely based on the ability of the bull to defend the new price support at $0.20.
A Look At The RSI
A look at the Relative Strength Index also indicates some new price movement. It shows that the bulls have the capability to push the coin above the price of $0.22. In addition to that, it also shows that the price could break a stubborn resistance at the price of $0.23.
In addition, the trading above the price of $0.25 will make sure that the focus on the $0.30 stays intact. On the other hand, a reversal is also expected to take place at any time. If that happens, then the 100 SMA, $0.1750, $0.19, and $0.20 support areas will still come to play.
Ripple For The Day Ahead
XRP declined by 1.84% on Monday. However, it closed the day at the price of $0.21121, having reversed a gain of 1.80% from Sunday. The coin remains bearish for the better part of the day. It then dropped from an early morning intraday high of $0.21549 to $0.20967.
The latter was the mid-afternoon intraday. The coin even fell short of the key resistance price levels. XRP later moved back through the initial major support level, which was at $0.2110. It moved back through the initial major support level to avoid any downside on the day.
Ripple is currently above the price of $0.21597. It has been up by 2.25%. The bullish start of the day saw the coin rise to a new high of $0.21604.