Ripple Coin Facing the 100 SMA Above, Before Clearing the Way up for XRP Buyers

Ripple coin has been in a legal battle with the US Securities and Exchange Commission (SEC), which was partially responsible for the bearish momentum in the recent months, since May. But despite that, XRP/USD has turned bullish since late July, and has gained around 66% of the value from last month’s low.

Ripple coin bottomed above $0.50, which turned into a support zone during June and July. It held the decline twice, although the first bullish sign came after the price moved above the 20 daily SMA (gray), which acted as resistance on the daily chart, and pushed the price lower for about two months.

Ripple Live Chart

The 50 daily SMA (yellow) didn’t offer much resistance at the top, but the previous low at $0.78 turned into resistance, holding for more than a week, until last Saturday, when we saw a jump in the cryptocurrency market. XRP/USD pushed above that moving average when cryptos turned bullish again after Bitcoin broke above the 3-month range.

RIPPLE coin pushed just above $0.84, where it met the 200 SMA (purple) on this time-frame chart. This moving average provided the ultimate support on the daily chart in May and June, so now it has turned into resistance. This moving average rejected the price on Sunday, but yesterday the price bounced off the previous resistance at $0.78, and now it is sticking to the 200 SMA now, and itching to push above it.

The 20 SMA is pushing Ripple coin higher on the H4 chart

On the H4 chart, the trend reversal looks quite strong, the bullish momentum of the last few weeks is much stronger than the bearish momentum of June and July. The smaller moving averages, such as the 20 SMA (gray) and the 50 SMA (yellow), have been acting as support during this bullish move, confirming the strength of the move. So, buyers remain in total control in XRP/USD, and we are holding onto our long term buy signal here, which we opened from higher up, when the price was retreating lower.