XRP Technical Analysis: Ripple Prevails Uptrend, Soon To Cross $0.50

The XRP price action shows a morning star pattern crossing the border 200-Day EMA and helps the market price prevail in an uptrend.  However, the uptrend might face opposition from the psychological mark of $0.50, leading to a double-top pattern. So, should you wait for the $0.50 breakout or consider taking a bullish entry at lower levels?

Key Points:

Source - TradingView

XRP Technical Analysis

As mentioned in our previous analysis, the XRP price action maintains an uptrend as it reverses from the $0.42 support level offering a reversal entry opportunity. Additionally, it displays a morning star pattern forming at $0.42, adding points to the reversal theory.

The spike in the trading volume supports the morning star pattern and increases the uptrend likelihood. Currently, the Ripple price beats the 200-day EMA and challenges the overhead resistance of $0.50 along with the resistance zone. Therefore, the XRP price action analysis offers a buying opportunity once the market value rises above the $0.50 mark.

If the bullish rally upholds to close above the $0.50 mark, sideline traders can anticipate another buying opportunity. The upcoming resistance levels for the ongoing bull run after the $0.50 mark at $0.60 and $0.69. Short-term traders can find these levels lucrative to book profits.

Conversely, if the bear wins in the power struggle, the XRP price will rain down to the bottom support at $0.42.

Technical Indicators

The notable reversal in the RSI slope in the nearly overbought boundary resurfaces above the 14-day SMA, reflecting a surge in bullish sentiments. Moreover, the bullish gap between the MACD and single lines restarts to grow, reflecting an increase in buying pressure to avoid a bearish crossover.

Resistance Levels- $0.50 and $0.69

Support Levels - $0.40 and $0.30