More Signs of Strength in Ripple XRP, as it Reverses Higher, Above 1.25 Again
Ripple coin continues to push higher, leaving most of the market behind
Apart from Ethereum, Ripple coin is another cryptocurrency that has shown great signs of strength since the reversal in late July. Ripple reversed from above $0.50, which turned into the ultimate support area for this crypto, with the price bouncing off that area in June and again in July.
The first bullish phase lasted until the end of the first week in August, when XRP/USD climbed to the previous support at $0.78. After consolidating there for a week, which was another bullish sign, since we didn’t see much of a pullback lower.
Ripple Coin Live Chart
After that, the bullish momentum increased further, and the uptrend picked up further speed, as we highlighted in our 2021 Ripple forecast. Ripple coin had increased to $1.35 by the end of last week, which means an increase of around 260% in value from the low in July. That’s more than most cryptocurrencies, including Bitcoin, which only gained 65% in value during the same period.
During this time, the smaller period moving averages have been acting as support for Ripple, pushing it higher, which also confirms the strength of the bullish trend. The 20 SMA (gray) has been pushing the price higher when the uptrend has picked up pace, while the 50 SMA (yellow) has done so when the price has stagnated or retreated lower. XRP/USD retreated off the highs earlier this week, but the 50 SMA held as support, and now Ripple has bounced off that moving average again.
Ripple coin heading for last week’s highs again
Shifting to the daily chart, we see that on Sunday, Ripple retreated after the doji candlestick, which is a bearish reversing signal. But, the retreat didn’t last, and the price has reversed back up again. Here, Wednesday’s candlestick closed pretty bullishly, while in most other cryptos, it closed either as a doji or bearish candlestick, which indicated that buyers were ready to jump back on Ripple longs. Now the bullish trend is back on, and Ripple coin is targeting last week’s highs, which are likely to be broken soon.
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