- Ripple price rises over 1% to post a fresh weekly high, remaining well past the key EMA resistances inside a seven-week descending triangle.
- Bullish MACD and RSI signals join XRP’s defense of July’s breakout and June’s rebound from the 200-day EMA to also favor buyers.
- Ripple’s clear break of $3.10 could trigger a rally towards the ATH, while bears stay cautious beyond the six-month rising support holds.
- Market’s consolidation may test Ripple buyers within the triangle, but overall bullish outlook holds.
Ripple (XRP) price jumps over 1.0% intraday as bulls cheer a fresh weekly high around $2.99 early Thursday, extending previous breakouts of the 50-day and 100-day Exponential Moving Average (EMA) within a seven-week-old descending triangle pattern.
In doing so, the XRP buyers attack the $3.00 threshold, while gaining support from bullish signals from the Moving Average Convergence and Divergence (MACD) and the 14-day Relative Strength Index (RSI), suggesting further upside momentum.
Additionally, a one-week-high trading volume and a fortnightly top in the market capitalization (market cap) also back the XRP’s latest jump in prices. According to Santiment, Ripple’s daily trading volume rises to the highest level since September 26, to $6.74 billion, while the market cap posts a two-week high of $178.44 billion, by press time.
Notably, news of Ripple CTO David Schwartz exiting by year-end, while remaining as an advisor, alongside the U.S. government shutdown, adds to the market’s trading interest in XRP.
Also read: Ripple’s CTO Steps Down, Shifting to Board Role After 13 Years
With this, a multi-week bullish triangle formation gains the XRP trader’s attention, along with other technical levels outlined below.
Ripple Price: Daily Chart Suggests Further Upside
Ripple’s clear upside break of 50-day and 100-day EMAs joins a sustained rebound from the 100-day EMA, bullish MACD signals, and upbeat RSI line, way past the 50.00 neutral level, to underpin the XRP’s bullish bias.
Adding strength to the upside bias is the quote’s early July breakout of a seven-month horizontal resistance, now support, as well as June’s U-turn from the 200-day EMA.
With this, the XRP is likely to rise further toward the seven-week bullish triangle’s top, surrounding $3.10. During the potential rush, the $3.00 might act as an intermediate halt.
In a case where Ripple buyers keep the reins passed $3.10, the August peak of $3.38, the bullish triangle breakout’s theoretical target of $3.81, and the all-time high (ATH) of $3.67, could entertain the XRP bulls before the $4.00 threshold.
Alternatively, the XRP’s daily closing beneath the 50-day EMA of $2.92 could drag prices back to the 100-day EMA support of $2.84.
However, the quote’s downside past $2.84 becomes interesting as the aforementioned triangle’s bottom of $2.69, previous resistance line from March around $2.65, and the 200-day EMA support of $2.62 will be tough nuts to crack for bears before taking control.
Above all, the XRP buyers can stay optimistic as long as the price holds an ascending support line from April, close to $2.30 as we write.
Ripple Price: Four-Hour Chart Favors Bulls
Like the daily chart, the XRP’s four-hour projection also keeps the buyers hopeful as it crosses the 200-bar EMA amid comparatively stronger RSI and MACD signals.
Notably, the 38.6% Fibonacci retracement of Ripple’s June-July upside, near $3.00, acts as an additional upside filter before the key $3.10 resistance and other higher levels mentioned on the daily chart.
On the contrary, the 200-bar EMA level of $2.92 and the 50% Fibonacci ratio of $2.79 challenge the XRP’s pullback moves ahead of the stated triangle’s bottom of $2.69 and the daily chart’s deeper levels.
Conclusion
Ripple gains from the key EMA breakouts, bullish momentum indicators, and the crypto market optimism while reaching a week’s high. However, the XRP’s further upside depends on a break above $3.10, before targeting a new all-time high (ATH). Meanwhile, support near the 200-day EMA and an ascending trend line from April, around $2.30, keeps bears at bay.
Also read: U.S. Government Shuts Down: Political Gridlock Halts Federal Operations
