Search ForexCrunch
  • Ripple price is leading the cryptocurrency market in recovery on Wednesday.
  • XRP/USD perpetual swap contract trading on BitMEX exchange.

Spot rate: $0.2775

Relative change: 0.0108

Percentage change: 4%

Trend: Bearish

Volatility: High

BTC/USD weekly chart

Ripple price continues to sustain the falling wedge pattern breakout momentum.

The price could remain in the hands of the buyers a while longer based on the RSI up trending movement from December.

XRP/USD daily chart

Ripple bullish correction cuts above a three-month resistance trendline as bulls refocus on trading above the psychological $0.30 level.

The narrowing gap between the 50-day SMA and the 200-day SMA signals the growing traction of the bulls against the bears.

XRP/USD 2-hour chart

Short term analysis places the bulls in control event as the RSI makes its way into the overbought region.

In the event a retreat comes into play, XRP banks on the accelerated trendline (dotted) and the main trendline support.