Ripple Coin XRP Looking Stronger Than Other Cryptos, But Remains Stuck Between MAs
Skerdian Meta • 2 min read
Ripple coin gained around 50% during the first bullish leg in late July, which followed the reversal higher, although gains were smaller than in most other cryptos and XRP was failing to push above a number of moving averages which were keeping it under control.
But, the second upward leg took the price from around $0.75 to $1.35 during the second week of August, which turned the picture in Ripple coin quite bullish. Ripple has gained around 180% since late July, which put this cryptocurrency at the forefront of the crypto run.
We had a buy signal in Ripple coin, which we opened in June when the price was declining, and at some point on Sunday, we were around 700 pips in profit. But, a doji candlestick, which is a bearish reversing signal after the climb, formed on the daily chart back then. After this, the price started to decline.
Ripple stuck between the 100 and 200 SMAs
But as we highlighted in yesterday’s Ripple update, the price stopped declining right at the 50 SMA (yellow) on the H4 chart. The price bounced off that moving average twice, but the 20 SMA (gray) turned into resistance on this time-frame for the XRP/USD. So, Ripple looks stuck between these two moving averages for now, but the bullish momentum looks stronger than in other cryptocurrencies again, considering that most of the main cryptos haven’t bounced at all today, after the leg lower yesterday.
On the H1 chart, XRP/USD was finding some form of support at the 100 SMA (green), which has now turned into resistance at the top. The 200 SMA (purple) is acting as support on this timeframe, so RIPPLE is stuck between moving averages here as well, although, the bias still seems bullish for Ripple coin, so we are holding onto our trade. The legal battle between Ripple and the SEC legal is not affecting XRP much, so whatever direction it takes, Ripple will follow its sentiment.