Ripple Price Analysis: XRP cross $0.50 following bullish signals
Daily Ripple XRP Price Forecast
- Ripple has flashed the bullish red-nine candlestick in the 2-hour chart.
- The MACD shows increasing bullish momentum in the 4-hour chart.
Around 25th November, XRP got rejected near the $0.70 level and had since dropped to the $0.497 support line. This Tuesday, the buyers managed to push the price back above $0.50 following multiple bullish signals. Let’s do a technical analysis to see what’s going on behind the scenes.
Ripple technicals turn bullish
In the 2-hour chart, Ripple flashed a buy signal with a red-nine candlestick in the TD sequential indicator. Currently, the price is struggling to rise above the 20-bar SMA ($0.506). If the buyers manage to break past this level, the next resistance to overcome in this timeframe will be the 50-bar SMA ($0.521).
Image: XRP/USD 2-hour chart
Now, looking into the daily chart, the price has been consistently contained by the downward trending line, while being held up by the $0.497 support line. The price needs to break above the trending line at the 20-day SMA to consolidate its upward movement.
Image: XRP/USD daily chart
If the cross-border remittance platform fails to stay above $0.50, it will be forced to retrace towards the 50-day SMA ($0.42). The 4-hour chart helps us visualize the short-term goals for the buyers to overcome. The immediate level lies at the 20-bar SMA ($0.5121).
Image: XRP/USD 4-hour chart
If the price manages to break past this level, the next resistance of note lies at the upper bound of the falling wedge pattern ($0.56), which coincides with the 50-bar and 200-bar SMA. The MACD shows increasing bullish momentum, suggesting that the buyers should have enough momentum to challenge these barriers.
200 Million XRP wired by SBI
One of Ripple’s biggest partners, SBI, has recently wired a massive amount of XRP from the addresses of its newly created cryptocurrency lending service. Whale Alert reported that SBI wired 200 million XRP tokens in four hours.
Blockchain data indicates that SBI, a Japan-based financial giant, conducted the transactions. The digital currencies were sent to BitGo, a cryptocurrency exchange that also runs custodial wallets for financial institutions and Ripple. Whale Alert also reported that Coinbase, the largest US exchange, and Huobi, the biggest trading platform in China have collectively transferred 118 million XRP tokens.
Keeping track of these XRP tokens will be vital since it could impact Ripple’s price action.
Key price levels for XRP
The bulls will need to make sure that a massive sell-off doesn't happen around the $0.50 psychological level. The buyers must use the current momentum and break about the 20-bar SMA ($0.5121) in the 4-hour chart to continue its upward trend.