Ripple Price Prediction: XRP Looks To Reverse Losses After Finding Support At $1.05
Daily Ripple XRP Technical Analysis
- The Ripple price has pushed up marginally during the current session after falling to $1.06
- XRP was very bearish over the past week but recovered over the weekend thanks to strong support at $1.05
The Ripple price made a marginal recovery over the weekend that saw it stem the bearish sentiment that plagued XRP for all of last week, recovering marginally on Saturday to push up to $1.07 and pushing further on Sunday to $1.11. However, XRP could not sustain the momentum and started Monday in the red, with the price down by over 4%. XRP has started the current session positively, with a marginal rise in the price after it found support at the $1.05 level thanks to the 50-day SMA.
Ripple Price Chart Indicates XRP Could Push Up To $1.10
Although the Ripple price had started the previous week on a very positive note, rising by over 6% to push up to $1.39, Tuesday saw a significant fall in price after resistance at $1.40 pushed the price back down. XRP fell by 18.79% on Tuesday alone, in a session that saw it slip below the 20-day SMA to finally settle at $1.12. The rest of the week also continued on a similar note for XRP, with the price falling further on Wednesday and Thursday. By Friday, the price had dropped to $1.05, where it found support.
Image: XRP/USD daily
Thanks to the support at $1.05, the Ripple price stabilized over the weekend, rising by 2.19% on Saturday and a further 3.73% on Sunday to end the weekend at $1.11. However, Monday started on a bearish note for XRP, with the price falling by nearly 5% to settle at $1.06. The support at this level pushed up XRP again, with the current session seeing a marginal rise. While the Parabolic SAR and the MACD are both bearish, if the buyers can take control of the session and push XRP beyond $1.10, we could see both flip to bullish.
Image: XRP/USD 4-hour
Looking at the 4-hour Ripple price chart, we can see that the 200-day SMA was acting as resistance. After the bearish cross between the 200-day SMA and the 20-day SMA, the latter started acting as resistance and pushed XRP down to $1.05 by 11th September. However, the price rebounded to go up to $1.09 and then to $1.10 by the 12th. XRP pushed beyond the 20-bar SMA to settle at $1.11 before being pushed back to $1.04 and back below the 20-bar SMA, thanks to the bearish cross between the 200-bar SMA and the 50-bar SMA. The current session has seen a recovery, with the price back up to $1.07, and with the MACD currently bullish, we could see the price push further and beyond the 20-bar SMA during the current session if the bulls can take control of the session.
Ripple Price Is Expected To Reach These Levels
The Ripple price has recovered during the current session using the 50-day SMA as support. If the buyers can maintain control of the market, then we could see XRP push towards the 20-day SMA. However, if sellers gain control of the market, we could see the price drop back to the 50-day SMA.