XRP Notes a Solid Price Jump; Should We Expect a Sustained Rally?

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• XRP’s sudden price hints a possible bull-run above $0.18; the coin has returned to the $0.17 price level after corrections
• The coin is approaching the 38.20% fib level now; support level has been tested at $0.1713
• Over a couple of hours only, Ripple has shown a growth of more than 12%; pullback has caused a decline of almost 5%
• Moving averages are still in a positive zone; other technicals are set to enter the bullish area

It was just yesterday when XRP’s range-bound approach was a subject of criticism for many as the price kept oscillating between $0.14 to $0.16 only. Today, when the coin saw an opening, it was testing a resistance level at $0.1809. Last time, the coin was above $0.18 around a week ago.

Ripple price is firmly marching above its 5-day high value; at the moment, the coin is trading a little above $0.1700. XRP held a very static bias for the better part of yesterday, but in the latter hours, price shoot up was noticed. It is still ambiguous whether the hike is due to BTC’s slow and steady uptrend as Bitcoin too is calling for stability above $6700.

Before the coin closed, it had formed a breakout above $0.1790 while it faced a bit of resistance near the price range of $0.1690 to $0.1710. Ripple has formed a head-and-shoulder pattern at the top, indicating a possible pullback, which has been confirmed with a correction of 4.97%.

Moving averages are in the bullish phase right now, but prolonged consolidations instead of quick rallies can change the same. While RSI is stable at 42, the MACD chart is mildly bullish in the chart.

In the above Ripple price chart, it shows how the coin has already dipped a bit below the 38.20% Fib level. However, a bullish candle has been formed with the intention of rebound. The coin is still above the 200-day EMA line noting a bullish sign for now.

The Bollinger bands have opened up, showing possibilities of volatility in XRP’s price path. Despite this recent and strong price spike, market uncertainties are keeping its recovery on a risky spot for the short term.