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Crypto Technicals: Ripple bounces off 50-DMA support, on track to test $0.47

XRP/USD chart - Trading View 

Exchange - Binance

Support: 0.4148 (5-DMA); Resistance: 0.47 (Dec 2018 high)

Technical Analysis: Bias Bullish

Ripple bounces off 50-DMA support, bias is turning bullish (5-DMA has turned).

'Golden Cross' formation on the daily charts keeps scope for upside.

RSI is above 50 mark and Stochs are sharply higher. MACD is on verge of bullish crossover on signal line.

Volatility is rising on the weekly charts and price action is holding above 5W SMA.

55W EMA is stiff resistance at 0.4553. Break above will see test of 0.47 (Dec 2018 high).

5-DMA is immediate support at 0.4148. Break below 50-DMA (0.3816) will see dip till 200-DMA (0.3432).

Violation at 200-DMA negates bullish bias. 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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