In the European session, Ripple XRP trading above the SMA of 21 and above 1/8 of a murray. The chart has formed a head&shoulder pattern, preparing for a new bullish wave.
The price of XRP has surged by more than 50% to $ 1.03 from the low created on May 23 at $ 0.65. As the price remains above the 0.8896 level of the 21 SMA on 4-hour charts, it is likely to continue climbing to the zone of $ 1.3357 in the short term.
On the other hand, a pullback to the 21 SMA could give the market a good attractive opportunity to buy at 0.88. Then it could continue its rise that will allow buyers to accumulate more bullish positions. Under these conditions, the XRP price is likely to rise to the $ 1.33 level of the 200 EMA.
On the contrary, if the XRP trades at the key level of $ 0.88, there could be a fall to the 0.66 zone to form a double bottom, and thus demonstrate to the market the strength of this support.
The technical reading of the eagle indicator is showing a bullish signal, since the moving line is aimed at buying levels and with a good way to go, this data also favors our bullish outlook for Ripple.
Our recommendation is to buy if Ripple breaks the 1.09 resistance zone, or on the contrary if it makes a retracement to the support zone of the 21 SMA located at 0.88, it will be a good opportunity to buy with targets at the 200 EMA about $ 1.33.
Support and Resistance Levels for May 26 – 27, 2021
Resistance (3) 1.2084
Resistance (2) 1.1317
Resistance (1) 1.0642
----------------------------
Support (1) 0.9549
Support (2) 0.8548
Support (3) 0.7781
