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XRP price bounces off support, reversing bearish breakout

 


The XRP price has not yet broken the 50-month EMA at around USD 0.55, which has so far averted a bearish breakout from the triangle pattern. Should Ripple continue its upward movement this month, it will now find the first resistance between USD 0.62 – 0.65. If XRP breaks this bullishly, the next significant Fibonacci resistances are waiting for Ripple at USD 0.86 and around USD 1. However, on the monthly chart, the MACD is still decidedly bearish as the MACD lines remain bearish crossovers as the histogram continues to move lower.


Last week, Ripple price bounced off the 200-week EMA support at around $0.57, which could now move XRP price to the 50-week EMA at around $0.80. However, if the XRP price breaks the 200-week EMA in a bearish manner, it will only find support again between USD 0.4 – 0.46.


The MACD is also decidedly bearish on the weekly chart, as the MACD lines remain bearishly crossed and the histogram is ticking bearishly lower.


Death Cross on the daily chart remains intact for the XRP price


The daily chart is also bearish. So the EMAs bearish death cross is still intact and the MACD lines are also crossed bearishly. In addition, the RSI does not give any bullish signals. Only the MACD histogram is ticking bullishly higher. If XRP nevertheless continues its upward movement, it could rise very quickly to the golden ratio at around USD 1 on a break of the 0.382 Fib level at around USD 0.86.


Ripple price is also bouncing off support against BTC


XRP price chart by Tradingview

The indicators are also currently bearish against BTC, but the XRP price is currently bouncing off the horizontal support at around 0.0000152 BTC. If XRP continues its upward move, it will find significant Fib resistance as low as 0.0001955 BTC. Otherwise, the next support is waiting for Ripple at 0.0000116 BTC.

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