Ripple Technical Analysis: XRP Buyers Just Can’t Conquer $1.04 Resistance
Daily Ripple XRP Price Analysis
- Ripple price volatility is decreasing in the 4-hour timeframe.
- The buyers aim to cross the 20-day SMA.
Since May 22, the Ripple price has been trending in a narrow $0.27 channel between $1.04 and $0.78. On May 30, the Ripple price jumped up from the $0.827 support line and encountered resistance at the $1.04 barrier.
Ripple Price Caught Below A Hard Place
Having hit the $1.04 resistance barrier, the Ripple price has been trending horizontally for a bit. However, despite this horizontal movement, the MACD has reversed from bearish to bullish, which is definitely a positive sign.
Image: XRP/USD daily
In the 4-hour time frame, the Ripple price is sitting on top of the 20-bar SMA. The Bollinger Band in this timeframe has started narrowing considerably, which shows decreasing price volatility. The relative strength index (RSI) is hovering in the neutral zone to shows that the buyers and sellers are cancelling each other out.
Image: XRP/USD 4-hour
Ripple CEO Is Doing His “Happy Dance” Today
Ripple CEO Brad Garlinghouse expressed his happiness regarding something CNBC did that the XRP community had long been waiting for. On May 25, CNBC included Ripple in the 2021 edition of its Disruptor 50 list, the goal of which has “always been to identify fast-growing, innovative start-ups on the path to becoming the next generation of great public companies.”
The following day, CNBC’s “Squawk Box” invited the Ripple CEO to appear on the program for an interview, during which Garlinghouse was asked what he thinks about people who argue that crypto should be banned just because it is occasionally used for illicit activities.
...when we talk about like should we ban something, let’s make sure we understand what we’re talking about. The way ripple uses these technologies, as you introduced, is we can make cross-border payments, which are slow and expensive today, we can make them real-time, very efficient, very low-cost, and that’s good for the global economy.
We can unlock trillions of dollars kind of trapped capital to make the economy more efficient, and so blockchain technology is going be applied in a lot of really constructive ways. It’s reducing friction, whether that be transaction cost, transaction speed…
The XRP community was frustrated seeing CNBC display a graphic on the screen and calling the XRP Ledger’s native crypto asset “Ripple” instead of “XRP."
Following the interview, Garlinghouse sent out a couple of tweets to thank co-anchors Joe Kernen and Andrew Ross Sorkin for the opportunity to talk about Ripple. Interestingly, he also pointed out to them CNBC’s mistake.
CNBC finally realized the error of its ways, prompting the Ripple CEO to express his pleasure by saying:
I’m doing my happy dance today.
Ripple Price Is Expected To Reach These Levels
Now that the MACD has turned bullish, the Ripple price could potentially break above the $1.04 resistance and the 20-day SMA simultaneously to reach the 50-day SMA. If XRP manages to break past 50-day SMA, it will flip the parabolic SAR from negative to positive.