Short-Term Consolidation Shouts For $0.38 Next?

Ripple’s (XRP) price offers a fresh bid near $0.36 extending the previous session’s gains. A broader optimism in the crypto space supported the gains in the asset. However, further confirmation is needed to make fresh long bets.

• XRP price surged more than 15% in the past five sessions.
• The bulls managed to defend the $0.35 level with an upside bias.
• The MACD tilts in the favour of the buyers.

As of publication time, XRP/USD is exchanging hands at $0.36, up 0.91% for the day. According to Coin Marketcap, the 24-hour trading volume in XRP rose to 0.44% at $1,554,186,521. 

XRP continues to move higher

 On the daily time frame, the XRP price consolidated or we can say traded in a range for more than 6 weeks and is now ready to give a breakout above $0.3759. Multiple support around $0.30 limited the downside. The price tested the mentioned level twice and resulted in an immediate upside. However, the upside faces rejection near the mentioned barricade.

As the price breaks the 20-day EMA (Exponential Moving Average) at $0.33, added optimism to the ongoing price action enthusiasm. Above $0.38, the XRP bulls will target the highs of June 10 at $0.41 amid sustained buying pressure.

The MACD is a momentum oscillator above the mid-line with a bullish crossover.

XRP abides by the rules of supply and demand on the 4-hour chart. The price moves in the ascending channel. Further, the formation of three consecutive green candlesticks advocates for bullish momentum.

On the flip side, if the price breaks below the intraday low on a daily basis then it would reverse the direction of the current price action. In that case, the first downside could be found at $0.33.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.