XRP embarks on a bullish potential, above $ 0.20!
XRP briefly lost its third largest cryptocurrency ranking to Tether [USDT]. At the time of this writing, XRP was trading at $ 0.202. After the crash, XRP maintained a crucial support level between $ 0.12 – $ 0.15, a level last seen in July 2017. The currency needed a powerful advantage to recover the annual gains that were erased, and that may be on the way.
XRP hourly chart:
The XRP price candles appeared to be oscillating between a parallel and a descending channel on the currency hourly chart. An escape from this pattern points to an upward trend. Daily moving averages are converging. The daily moving average of 50 [rosa] and the 200 moving average [roxa] suffered a deadly cross shortly after the March 12 accident. The declining indicator among the moving averages was a positive sign for the currency price in the short term.
The MACD indicator also aligned with bulls when the signal line was established below it. This was indicative of a possible escape to the positive side.
In the event of an upward trend, XRP may rise to its immediate resistance point of $ 0.210. If the positive trend reaches the necessary moment, price candles may see the next resistance at $ 0.219, a level at which the VPVR indicated a significant volume of commercial activity. Although the chances of a bearish breakout looked bleak, the currency found its price firmly supported at $ 0.197, a level that not only registered an increase in trading activity, as represented by the VPVR, but was also close to the 50 DMA acting as an important support point for price candles for almost a month.
The BTC-XRP correlation coefficient is currently 0.815 and has increased significantly since the beginning of the year. The increasing correlation coefficient indicated that the increase in Bitcoin would significantly catapult the price of XRP.
All indicators point to a potential bullish moment for the currency in the short term. If that happens, the currency’s price could be resisted by $ 0.210 and $ 0.219, while its support points are $ 0.197 and $ 0.188.