- Ripple battles the 50 SMA resistance as bulls’ eye a breakout towards $0.32.
- XRP/USD sits comfortably above $0.30 as bullish grip improves.
After rising to $0.3278 on August 2, Ripple embarked on a gain-trimming exercise to the extent of refreshing lower levels at $0.24. Although there were several recovery missions, none made it above $0.32. For some time this week, price actions were limited under $0.30 except for the shallow spike above $0.30 on Wednesday.
At the time of writing, XRP/USD is trading at $0.3017 after holding above $0.30. A building bullish momentum suggests that XRP could continue to scale the levels towards $0.32 critical resistance.
From a technical point of view, the price is indeed in the hands of the bulls as observed using the RSI and the MACD. First, the RSI is pointing upwards after finding support at 45. The indicator has made it above the average (50) and has the potential to hit levels past 60. As the RSI rises to higher levels, the bullish grip continues to strengthen.
Looking at the MACD, it becomes apparent that the path of least resistance is upwards. If push comes to shove and gains fail to materialize, consolidation will most likely take precedence. For now, the MACD is horizontal at the midline and the emergence of a bullish trend will signal an increase in buying activities. Moreover, an impending break above a descending trendline marginally above the price would pave the way for gains targeting $0.32.
XRP/USD 1-hour chart
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