The Ripple price breaks out to the top. Could this be the start of an XRP rebound that will bring elusive dollar valuation back to the table?
Ripple price has bounced back sharply from earlier this week’s weakness. XRP is currently trading at $ 0.5972, up $ 0.0050 (+ 0.90%).
Tuesday’s 20% rally from the $ 0.5140 low could not have come at a better time for XRP. The technical outlook had deteriorated so much that just three days ago I asked, “Is it RIP for XRP if this happens?”
And while Ripple price seemed to collapse for a moment, XRP is now crashing higher.
The latest price action increased Ripples’ market cap by $ 3.3 billion to $ 27.6 billion, making it the sixth largest cryptocurrency.
Why the turnaround?
The crypto market as a whole is in the process of bouncing back from Bitcoin’s slump below $ 30,000. For once, the market leader has been the subject of some positive news, sticking to Elon Musk’s comments that Tesla may accept BTC payments at some point in the future.
Notably, yesterday’s news bulletins were saturated with reports that Stellar Lumens, Ripples’ remittance rival, might be planning a takeover of Moneygram. This is a bone of contention for XRP investors as the ongoing lawsuit with the SEC has forced Ripple Labs to abandon a previous partnership with the old payment company.
However, the Price has dismissed that news and looks increasingly positive.
Technical XRP analysis
The daily chart shows two clear trend lines. The first of these is the rising support at $ 0.5600 starting December 29th. This should be viewed as a long-term uptrend and a significant level of support for Ripple price. Tuesday’s drop to $ 0.05140 was the first penetration of this trend in 2021 and should therefore trigger further losses.
However, Wednesday’s reversal lifted XRP above support. As a result, follow-up purchases forced XRP past the second significant trend line.
Since May 21st, Ripple has been capped by a downward trend that can be seen on the daily chart at $ 0.5792. Significantly, the trendline coincides with the 0.786 Fibonacci retracement level of the 2021 rally.
Therefore, if price manages to stay above this resistance that became support in today’s session, it will not only indicate a false breakout on the downside but will confirm the breakout on the upside.
This is clearly a positive move for the bulls and would target the 50 day moving average at $ 0.7067 and then the major 200 DMA at $ 0.9981.
And should Ripple price recover the 200 DMA, the bulls are aiming for $ 1.0000.
At the moment the trend is up and the rally is likely to continue. However, this bullish ripple price prediction only stays valid if XRP stays above trendline support.
Ripple Price Chart (Daily)
Bitcoin Price Prediction Up in the Air As Intraday Whipsaw Liquidates Positions
The now disproved news of Walmart’s listing of Litecoin on its e-commerce platforms led to a quick intraday whip strike on several cryptos, including Bitcoin. Many liquidations took place as traders caught by the fake news regretted their losses.
In a now familiar fake news pump-dump cycle, Bitcoin prices shot up nearly $ 2,000 from intraday lows, but were forced to return all of those gains and a little more after Walmart issued a statement saying in which the rumored Litecoin partnership was refuted.
This scenario leaves no bullish Bitcoin price forecast in the air as Bitcoin prices continue to seek sustained support below the $ 46,200 price mark.
At the time of writing, Bitcoin prices are staying 3.4% lower and trading within the range formed by 43570 and 46200.
Bitcoin price prediction
If the price picture ended the day as shown, a bearish engulfing pattern would have formed. This opens the door for bears to secure support at 43570 with the aim of restoring a correction towards the 40750 and 37,455 price levels if that price mark does not hold.
Conversely, just breaking the upper limit of Monday’s intraday range at 46200 would change the bearish outlook for the Bitcoin price forecast. Bulls would then attempt to push prices above 47,500, which opens the door to psychological resistance at 50,000.
Bitcoin price: daily chart
Terra Set To get Cheaper in near Term
LUNA price continues to correct from the monster one-day rally of 40% to a new all-time high of $ 46.16. This morning Terra is down about 10%, bringing the three day loss to over 20%, meaning that LUNA price is officially in a bear market. Although the LUNA coin is still 550% higher than in July despite the pullback.
In the past few weeks, the crypto market has had mixed fates. Bitcoin (BTC / USD) scaled $ 50,000 but soon dropped to $ 44.00. Similar, Ethereum (ETH / USD) jumped over $ 4,000 before falling back to $ 3,000. Other assets including Earth (MOON / USD), climbed to new all-time highs.
Last Tuesday, the cryptocurrency market suffered its biggest shock since the May crash. Bitcoin lost 18% and Ethereum more than 25% within a few hours. As a result, LUNA fell from $ 32.76 to $ 20.88, a 36% intraday loss. However, by the end of the game, Terra had reduced the loss to 15%. Additionally, LUNA was trading at $ 46.16 on Friday, 120% above Tuesday’s low. Although the crypto market is weaker almost everywhere today, LUNA price can take a bumpy ride.
Terra price forecast
The daily chart shows that LUNA has been trending up since June. Incredibly, Terra had risen over 1,200% from its Friday high after the May collapse. It is noteworthy that most of the profits have been made in the past few weeks. This has resulted in a 45 degree upward trend under the market. The trendline currently seen at $ 27.00 coincides perfectly with the August 26th close to create a robust level of support. This is the first target when the price collapses.
As long as the crypto market is under pressure, the chances are growing that the LUNA price will test support. Additionally, if Terra fails to climb above Friday’s high, it may raise concerns about a blow-off high. But beyond that, the price could go even higher.
On that basis, the negative view remains as long as the Terra price is below $ 46.16.
LUNA price chart (daily)
$1.000 to Define XRP’s Path Over the Weekend
Ripple price remains above the critical $ 1.0000 support zone even after falling over 16% on Friday. The industry has seen increased volatility since the massive crypto sell-off on Tuesday.
According to the Crypto Fear and Greed Index, the emotion that drives the market has shifted from greed to fear in the recent past. At the beginning of the week the extreme greed index fell from 79 to a fear level of 47. On Friday it showed a value of 46. At the beginning of the weekend the focus will be on the stability of the support level at $ 1.0000. Breaking below this zone could pave the way to previous resistance reversal support level of $ 0.9000.
Ripple price prediction
XRP remains stable above the psychological level of 1,000 despite its slump on Friday. The altcoin fell from an intraday high of 1.2423 to a low of 1.0295. The drop corresponds to a decrease of around 16.96%.
At the time of writing, Ripple price is down 3.42% to 1.0510. On a two-hour chart, it trades below the 25- and 50-day exponential moving averages.
In the short term, I expect the crypto to hover within a fairly narrow range between the support level at 1.0283 and along the 25-day EMA at 1.1083. Movement above the upper bound of the horizontal channel will place the resistance level along the 50-day EMA at 1.1447. Moving below the critical 1.0000 support zone will invalidate this thesis, however.
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