Ripple price back to the drawing board, will $1 hold ahead of recovery toward $1.6?

Ripple seemed to hold above $1.2 amid the trading on Wednesday. Ripple had shown resilience for a few days as it controlled the correction from $0.71. Several tentative anchor zones had been established, including the confluence formed at $1.4 by the 50 Simple Moving Average (SMA), the 100 SMA on the four-hour chart.
The flash drop continued under $1.2 and $1 before finding support at $0.85. Note that the declines in April were halted at this level, allowing the bulls to take control, bolstering the cross-border transfer token into a trajectory to $0.76.

The international money remittance token has bounced off support at $0.85 and currently trades at $1.07. Holding above $1 is key to nurturing a recovery mission. Moreover, bulls must step above $1.2 to validate the uptrend and revitalize speculation for gains back to $1.6.
According to the Relative Strength Index (RSI), recovery is expected to come into play. The trend strength indicator also identifies oversold and overbought conditions.  With the RSI recoiling from levels slightly under 30, the bullish grip is getting tighter. Consequently, the movement toward the midline and the overbought area will suggest that bulls have the upper hand.
XRP/USD four-hour chart

XRP/USD price chart by Tradingview
It is worth mentioning that the Moving Average Convergence Divergence (MACD) still has a bearish outlook. This indicator tracks the trend direction and measures its momentum. The MACD is helpful when identifying positions to buy the dip and sell the top.
For now, the signal is still bearish and calls for caution among investors. However, as soon as the MACD line (blue) begins to cross above the signal line, the recovery will be confirmed.

Ripple intraday levels
Spot rate: $1.1
Trend: Bullish
Volatility: High
Support: $1 and $0.85
Resistance: $1.2 and $1.4

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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