Search ForexCrunch
  • Ripple continues to trade above 2-month-old ascending trend line.
  • Near-term bullish outlook remains intact with the daily RSI hiding near 60.
  • Next target on the upside is located at $0.6500.

Ripple lost more than 12% on Wednesday but staged a decisive rebound ahead of the weekend and now remains on track to close the second straight week in the positive territory. As of writing, XRP was virtually unchanged on a daily basis at $0.5483.

Ripple bulls eye $0.6500

On the daily chart, the Relative Strength Index (RSI) indicator is moving sideways near 60, suggesting that buyers continue to dominate XRP’s action. Additionally, the ascending trend line coming from late February remains intact and the price remains above both the 20-day and the 50-day SMAs, confirming the near-term bullish outlook.

The initial resistance is located at $0.6000 (multi-week high set on Monday, March 22). A daily close above that level could open the door for additional gains toward $0.6500 (February  22 high).

On the flip side, the technical outlook could turn bearish if sellers manage to drag the price below $0.5000 (20-day SMA, 50-day SMA, ascending trend line) and force a daily close there. Below that level, the next significant support aligns at $0.4000 (100-day SMA) ahead of $0.3800 (200-day SMA).

Ripple one-day chart

Ripple managed to shake off the bearish pressure seen earlier in the week and additional gains look likely as long as the price stays above key $0.5000 support.