Ripple Price Prediction: XRP struggles to break above the 20-day SMA
Daily Ripple XRP Technical Analysis
- Ripple has been pushed back inside the Bollinger Band in the 4-hour time frame.
- The MACD still shows increasing bullish momentum, so positive price action is expected.
Ripple rose handsomely this Wednesday, jumping up from $0.47 to $0.57. However, two strong resistance levels upfront may stem further growth. Let’s take a more in-depth look to understand what’s going on behind the scenes.
Ripple’s growth stunted
While Bitcoin and Ethereum continued their growth this Thursday, the narrative has been slightly different for XRP. The 20-day SMA has proven to be strong resistance, holding the price down and pushing it back inside the parallel channel.
Image: XRP/USD daily
If the cross-border remittance token somehow manages to break above the 20-day SMA, it should be able to take down the $0.63 resistance line and aim for the $0.65 psychological level. The 4-hour chart also paints a clear picture of what’s going on with Ripple.
Image: XRP/USD 4-hour
It looks like the 4-hour price has jumped above the Bollinger band, indicating that it was overpriced. The $0.57 resistance line managed to push the price back inside. However, the MACD shows increasing bullish market momentum, so more price growth is expected.
Key price levels to watch for XRP
There are two critical price levels to watch out for. Firstly, the $0.57 resistance line has to be conquered. After that, it will be interesting to see how the holders act upon reaching the $0.60 psychological level.