Meanwhile, XRP is currently trading at about $0.454 amidst a renewed upsurge. At present, Ripple’s immediate downward level is under protection from the 50 and 100 Simple Moving Average (SMA) on the 4-hour chart.
On the other hand, investors hope Ripple will break the $0.5 resistance level in the ongoing price recovery to initiate the $0.6 campaign.
Ripple price movement in the past 24 hours
Ripple has mainly recorded sideways price movements over the past few hours as the coin now shows signs of a renewed bull run. According to today’s trading activities, Ripple managed to record a 2.7 percent recovery when the markets opened, and it is now exchanging at a $0.454 region. Despite the current price being a negative 1.39 percent regarding price recovery, the current price is above the 9 and 21-day Moving Averages (MA).
According to the 24-hour chart, Ripple is still experiencing difficulties slicing above the $0.56 region as previous efforts so far have not been successful. Despite the recent trial and failures, Ripple is still making efforts to move past the channel’s upper boundary.
XRP 4-hour chart
On the 4-hour chart, there is a double bottom pattern forming and almost coming to maturity. The pattern indicates a very bullish signal in the offing, and it usually comes to the fore when the price of a crypto asset depreciates to the support level twice. For the pattern to send a bullish signal, the two price dips have to be separated by a sharp peak.
According to the 4-hour chart, when Ripple moved towards the support level for the second time, the downward trend lost momentum. This was made possible by the bulls, who assertively dashed to the rescue of their favorite coin.
Such double bottom patterns communicate accurate breakout points. They are calculated from the neckline to the bottom line. Traders can expect a bull run when the price cuts through the midline. In Ripple’s case, traders should expect a 20 percent price surge that is likely to push it towards the $0.6 mark.
With Ripple holders coming together to file a motion against the SEC, it appears they are united now more than ever. Amid the current legal turmoil, XRP holders will not allow their favorite coin to go under, and the only way to prove their point is by ensuring Ripple causes ripples in the market and surges upwards.
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