hello everyone. before moving on to the video we ask you to
support us and subscribe to our channel please. Ripple has been a sideshow throughout this week,
although likely to end the week higher by 5%, as the bulls snap a two-week winning streak. Ripple stands resilient to the ongoing
lawsuit filed by the US Securities and Exchange Commission, finding support from the recent comments from Ripple’s Chief
Executive Officer Brad Garlinghouse. “The lawsuit has hindered activity in the United
States, but it has not really impacted what’s going on for us in the Asia Pacific,” Garlinghouse
said in a Reuters interview on Friday. He added: “We have been able to
continue to grow the business in Asia and Japan because we’ve had
regulatory clarity in those markets.” The token also cheers the recovery
stated by Bitcoin late Friday, as Ripple bulls now look to reverse Friday’s
slump and yield a break to the upside. Ripple’s daily chart shows that the
price remains locked in a tight range for the eleventh day in a row,
although forming higher highs.
The range has been secured by the bearish
21-daily moving average on the upside while the upward-sloping 50-DMA cushions the downside. The 14-day Relative Strength Index trades
listless but almost at the midline, suggesting that the spot lacks
a clear directional bias. Amidst such a technical picture, the prospects
of an upside break appear more compelling, given that the price has
been forming higher highs. Further, the Ripple bulls have to
cross only one critical barrier at $0.4905 in order to unleash the additional
recovery gains. That level is the 21-DMA. The next relevant resistance is
seen at the psychological $0.50, above which the falling trendline resistance
at $0.5877 could test the bulls’ commitments. On the flip side, a bunch of healthy
support levels is stacked up, which could likely make it a tough task
for the sellers to extend their control. Immediate support awaits at the 50-DMA of $0.4241, below which the February 23 low
at $0.3658 could be challenged. Further south, the strong
support (200-DMA) at $0.3494 could be the last line of
defense for the Ripple bulls. To conclude, the path of least resistance appears
to the upside if the 21-DMA barrier is taken out on a daily closing basis.
in the interest of brevity, Ripple in search of a fresh direction
while ranging between 21 and 50-DMAs. The No.
7 coin forms higher highs on the 1D
chart, suggesting a potential upside break. RSI trades flat at the midline, bulls need
to crack only this one barrier at $0.4905. Subscribe to our channel and open
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and is for information purposes only. It is not intended to be investment advice.
Every investment and trading move involves risk, you should do your own research
while making a decision.