Ripple's Bullish Trend Holds Above 100-SMA with Target at $0.565
Updated
FxNews — Ripple gained 3.7% today, trading around $0.533, testing the upper line of the bearish flag and the 50-period SMA.
On the 4-hour chart, today's price jump created a bullish Fair Value Gap, while the Stochastic Oscillator is nearing 80, indicating a potential overbought condition. The RSI has dipped to 65, just below overbought levels. Despite these signals, XRP/USD remains above the 100-period SMA, maintaining a bullish trend.
Forecast
Immediate support stands at the 50% Fibonacci retracement level of $0.517, backed by the 100-period SMA. If XRP stabilizes below $0.531, the price may fill the FVG near $0.517, possibly reaching $0.511. The bullish outlook holds as long as prices stay above the 100-SMA, with the next target at $0.565 after a brief consolidation.
Support: $0.517 / $0.611
Resistance: $0.548 / $0.565
On the 4-hour chart, today's price jump created a bullish Fair Value Gap, while the Stochastic Oscillator is nearing 80, indicating a potential overbought condition. The RSI has dipped to 65, just below overbought levels. Despite these signals, XRP/USD remains above the 100-period SMA, maintaining a bullish trend.
Forecast
Immediate support stands at the 50% Fibonacci retracement level of $0.517, backed by the 100-period SMA. If XRP stabilizes below $0.531, the price may fill the FVG near $0.517, possibly reaching $0.511. The bullish outlook holds as long as prices stay above the 100-SMA, with the next target at $0.565 after a brief consolidation.
Support: $0.517 / $0.611
Resistance: $0.548 / $0.565
Note
As of this writing, XRP is filling the Fair Value Gap at approximately $0.548, a critical support level that held the prices to dip further.
From a technical perspective, if bears push the price below $0.548, the downtrend will likely be triggered again. The next bearish target in this scenario could be revisiting the $0.531 support (October 29 High).
To make it count, bears must close a full body's bearish candle below the $0.548 support.
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