Recent Ripple price analysis shows that the bulls have taken control of the market as prices surged past the $0.3900 level. The market is expected to continue this uptrend as long as the support at $0.3755 holds. However, the bears may stage a comeback if prices fail to break past the resistance at $0.3942.
The XRP/USD pair is currently trading at $0.3923 and is up by 3.11 percent on the day. The bullish trend is also seen in most other cryptocurrencies, with Bitcoin and Ethereum also gaining momentum. As more investors continue to enter the market, we may see even higher prices in the near future. The market capitalization has reached $19.69 billion, and the 24-hour trading volume has reached $10.20 billion.
Ripple price analysis on a 1-day price chart: Bullish trend looks to break above $0.3942 resistance
The 1-day Ripple price analysis chart shows that the market has been in a bullish trend for the last 24 hours after prices surged past the $0.3923 level. The bulls may attempt to push prices higher and break past the resistance at $0.3942 in the near future. The prices are trading in an ascending triangle pattern, which is a bullish pattern. This pattern generally resolves itself to the upside, which means that the bulls are likely to push prices higher in the near future.
The volatility is high for Ripple, which means that a further uprise in price can be expected in the coming days. Whereas the upper and lower values of the Bollinger bands indicator are as follows; the upper band value is $0.3942 representing resistance for XRP, while the lower band is at $0.3755, representing support. The moving average (MA) is trading at the $0.3893 level above the current XRP/USD price. The Relative Strength Index (RSI) curve has also turned upwards, and the score has reached index 46; the indicator is trading at a slight upwards curve, indicating the buying activity in the market.
XRP/USD 4-hour price chart: Recent developments
On the 4-hour chart, Ripple prices analysis has formed a bullish flag pattern. This is a continuation pattern that indicates that the current uptrend is likely to continue. The bears may attempt to push prices lower in the near future, but the bulls are likely to defend the $0.3755 support level.
The price has traveled above the moving average (MA) value, which is present at $0.3859. The volatility is increasing on the 4-hour chart as the upper limit of the Bollinger bands is currently settled at $0.4114, and the lower limit has reached down to the $0.3751 level after expanding apart. The RSI indicator is also traveling at a steep upwards curve at index 47.83 due to the healthy buying activity, and we expect the RSI will increase furthermore as the bullish momentum seems strong.
Ripple price analysis conclusion
To conclude, a recent Ripple price analysis shows that the bulls have taken control of the market and are likely to push prices higher in the near future. Prices are expected to rise up and retest the $0.3942 resistance level in the near future. However, if prices fail to break past this level, the bears may stage a comeback.
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