Ripple Price Is Ready To Conquer The $0.1876 Resistance Line

The Ripple price is in the news today, going up from $0.1785 to $0.1803 in the early hours of Friday and proving that the bullish sentiment is here. During this process, the buyers managed to stay in control for the fifth straight day and XRP broke above the bullish pennant structure.

The XRP news today show that the 20-day Bollinger band is widening again, meaning that the price volatility is increasing for XRP. So, the Ripple price is ready to conquer new levels before it retraces and steps back lower.

The RSI indicator has been hovering in the neutral zone, while the Ripple price MACD shows sustained bullish momentum and is trending around 0.00569. As of today, XRP gained around 2% while Bitcoin gained 4% and Ethereum gained less than 5%.

An interesting outlook on the Ripple XRP price comes from one cryptocurrency analyst who predicted that XRP would fall from $0.27 to $0.13 and $0.15. A month later, the analyst @CryptoCapo shows that XRP is currently in the midst of an Elliot Wave correction, which will likely see the cryptocurrency falling towards $0.08 and $0.09 regions, then continue lower to $0.05 and $0.06 in order to establish a long-term bottom in the middle of 2020.

The latter range acted as resistance for the cryptocurrency during the 2017 rally, making it a likely price for XRP to bottom if it fails to do the single digit cents. As the analyst said on Twitter:

$XRP – Primary EW count

First target: $0.08-0.09
Second target (potential long term bottom): $0.05-0.06 pic.twitter.com/2SsdKebT6T

— il Capo Of Crypto (@CryptoCapo_) March 31, 2020

The historical precedent of the trader’s calls would still suggest that XRP is on its way to test different levels. A rally in the price of Bitcoin could change that. After all, the Bitcoin news are most important and usually leading the rest of the cryptocurrency market.

Currently, the good news is that Bitcoin gives plenty of reasons to be bullish which is why the Ripple price is ready to do a new run. According to Qiao Wang of Messari who is a former institutional trader:

BTC order book… While I'm short-term cautious due to macro conditions, it can't get any more long-term bullish than this: pic.twitter.com/snq8ISFMCF

— Qiao Wang (@QWQiao) April 2, 2020

It is now clearer than ever that there are more traders bidding Bitcoin rather than selling it. There is nearly 24,000 BTC worth of orders down to an order price of $2,000 and a mere 4,000 BTC worth of orders up to $12,000.

As Peter Brandt (a veteran trader and respected analyst) recently said, the rally in the value of cryptocurrencies has allowed Bitcoin to register a breakout pattern, suggesting higher upsides in the near term.