XRP Price Analysis: Strong At 50-day EMA, XRP Finds Footing To Restart The Bull Run!

The post XRP Price Analysis: Strong At 50-day EMA, XRP Finds Footing To Restart The Bull Run! appeared first on Coinpedia Fintech News

As the hype around the SEC case fades, the cooldown in the XRP price rally turns into a correction phase. The Fibonacci level displays a correction of more than 50% of the bullish candle formed, with a 73% jump on the day of the ruling. 

Maintaining a sideways trend with the support of the 50-day EMA, the XRP price trend struggles to find a solid footing. The Ripple market value is 23% down in the last 25 days from the previous swing high of $0.82. 

Following the partial win for XRP, the SEC appeals the court decision, increasing the threat of another legal battle for Ripple Labs. 

With the lack of clarity in regulatory matters, crypto enthusiasts like Mr. Huber ask, “Is SEC taking bribes?”

However, a brief pause in the correction rally brings a reversal opportunity and a great entry spot for XRP investors. With multiple lower price rejections, XRP price sustains above the 61.80 Fibonacci level and is buoyant above the 50-day EMA. 

With a potential double bottom forming at the 50-day EMA and the possible morning star pattern, the XRP price sets a launchpad. 

Coming to the technical indicators, the RSI and Stochastic RSI showcase a bullish divergence with a positive crossover in the latter. Moreover, the MACD indicator shows a declining trend in bearish histograms and hints at a bullish crossover. 

If the XRP price manages to sustain above the 50% Fibonacci level at $0.64, the reversal rally can reach $0.70. On the flip side, a fall below the 50-day EMA will challenge bullish dominance at 100-day EMA ($0.47).