Ripple price is hovering around $1.1000 after bouncing off the crucial support zone of 1.0600. In the near term, it will likely remain range-bound as the bulls gather enough momentum to push it further towards its higher target of $1.2000.
Despite its neutral outlook, the bullish bias on Ripple is largely founded on the fact that greed remains the key emotion driving the crypto market. The crypto fear & greed index is still in the greed end of the spectrum, as it was in the past week, at a reading of 74.
After plunging below the psychological level of 1.0000 about a week ago, XRP has since rebounded by 14.52%. However, after surging to the resistance zone at 1.15, the price has been rejected. At the time of writing, it was down by 1.61% at 1.0954.
On a two-hour chart, Ripple price is trading along the 25-day EMA and lightly above the 50-day EMA. Besides, the RSI is at 50. Based on these technical indicators, the outlook is rather neutral. However, I hold a bullish bias.
In the ensuing sessions, I expect the altcoin to hold steady above the crucial level of 1.0000. It will likely trade within a horizontal channel with 1.0613 and 1.1235 as the lower and upper borders respectively.
Above the upper border, the next resistance to break on its journey to 1.2000 will be along the weekend’s high at 1.1565. On the lower side, the bears may manage to push Ripple price to 1.02 before it rebounds above the crucial support zone of 1.06.
This post was last modified on %s = human-readable time difference 11:41