Ripple price is up by a percentage point, marking a third consecutive session the prices are bullish. Today’s session also looks poised to close higher, and there is a high likelihood we have entered a bullish market.
The current bullish lean comes after the recent price drop in Ripple prices that saw the cryptocurrency drop by 28 per cent in the month of April. The expectation was that the long-term bearish trend would continue into the month of May and possibly continue setting new price lows.
The recent Ripple price increase may be due to the fact that the prices have recently hit a long-term support level of $0.56. This has resulted in the current price bounce, with the likelihood of the prices approaching the $0.69 resistance level. Another possible explanation for the current bullish trend is the prices are in a correction. This would mean that the current bullish trend is a bearish flag. If that is the case, we should expect the prices to resume the long-term bearish trend.
However, the current aggressive bullish trend is highly likely to be a trend reversal. Therefore, this is the most likely trade set-up. Looking at the Williams Alligator and the RSI indicator, the signals are giving positives that a bullish trend reversal is in the offing. In the case of RSI, the signals are very clear. After staying in the oversold region for weeks, the RSI is showing signs that the current trend may be headed for a strong bullish move.
Therefore, my Ripple price prediction expects the current bullish trend to continue for some time. There is a high likelihood of the prices hitting the $0.69 resistance level and trading above it. Even if the prices fail to hit the resistance level, there is still a high likelihood that the prices will be approaching it for the next few trading session. Therefore, I expect a good upside to trading opportunities in the next few trading sessions.
This post was last modified on May 03, 2022, 10:41 BST 10:41