Ripple Price Prediction: XRP Bulls Attempt Comeback After Five Straight Bearish Days

Daily Ripple XRP Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • 20-day SMA has stopped Ripple price from dropping any further.
  • The MACD in the 4-hour chart shows sustained bearish momentum.
  • Between May 6 and May 10, the bears had full control over the Ripple price and dropped it from $1.62 to $1.39. In the process, XRP flipped the 20-day SMA from support to resistance. However, the buyers then took control of the market. Let’s take a closer look with technical analysis.

    Ripple Price Bounces Up From 20-day SMA

    The buyers took charge of the Ripple price and pushed it up to $1.475, after five straight bearish days. During this downward surge, XRP managed to reverse the parabolic SAR from positive to negative. However, today’s bullish jump reversed the 20-day SMA from resistance to support.

    Image: XRP/USD daily

    XRP/USD daily chart 051221

    In the 4-hour Ripple price chart, XRP jumped from $1.385 to $1.48 flipping back the 200-bar SMA from resistance to support. The MACD shows decreasing bearish market momentum as buyers attempt to take down the 20-bar SMA.

    Image: XRP/USD 4-hour

    XRP/USD 4-hour chart 051221

    Phemex To Relist XRP

    Phemex crypto exchange recently announced its decision to resume XRP trading. The platform will introduce XRP trading along with trading for eight additional tokens. These include Basic Attention Token (BAT), Decentraland (MANA), Enji Coin (ENJ), Chiliz (CHZ), SushiSwap (SUSHI), Synthetix (SNX), Graph (GRT), and Maker (MKR). 

    Last year, Phemex suspended trading for XRP because of the lawsuit filed by the Securities and Exchange Commission (SEC) against Ripple Labs for the alleged sales of an unregistered security. Back then, XRP’s outlook was uncertain, and Phemex was selective with the coins listed on their platform.

    Their policy is much stricter than some of its competitors as it only lists projects with high demand from the consumers. Therefore, their decision to resume trading with XRP could be a good sign of what’s to come. 

    Ripple Price Is Expected To Reach These Levels

    The buyers will look to break above the 20-bar SMA to continue its upward surge. In the presence it will break into the $1.50 psychological level, as well.

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