Ripple (XRP) Bounces at $0.24 Support, Uptrend Is Likely

4 February 2020 | Updated: 4 February 2020

Key Resistance Levels: $0.30, $0.40, $0.45
Key Support Levels: $0.25, $0.20, $0.15

XRP/USD Long-term Trend: Bullish
Ripple’s current upward move was a bounce from the low of $0.21 since January 25. The coin reaches a high of $0.24 and pullback to the low of $0.23. At the resistance of $0.24, the bulls made three other attempts before it was breached. The price went up to a high of $0.26 but was resisted. The bulls could not sustain the move above $0.26 because of buying power at higher levels.

Ripple fell to the low of $0.24500 and continued fluctuation below the current resistance in the last 24 hours. Undoubtedly, the upward move may likely continue. On the upside, if the price breaks the resistance at $0.26, the bulls will push XRP above the high of $0.30. There may be no bottlenecks after the coin moves to a high of $0.30. However, if the price decides to break the low at $0.24500, the market may fall to a low of $0.23.

XRP/USD - Daily Chart

Daily Chart Indicators Reading:
Ripple is now trading at level 62 of the Relative Strength Index (RSI) period 14. Simply, it means XRP is in the uptrend zone. That is the coin is likely to rise. Presently, if XRP retraces and reaches the low of $0.24500, there is a likelihood of another bounce from the low.

XRP/USD Medium-term Prediction: Bullish
On the 4-hour chart, Ripple is in an uptrend. A trend line is drawn showing the support levels of price where traders can initiate long trades. The bears have tested the trend line on two occasions without breaking it. The price bounced and the upward move was spectacular.

XRP/USD - 4 Hour Chart

 

4-hour Chart Indicators Reading
Ripple is trading above 50% range of the daily stochastic. The stochastic bands are ranging above the 50% range. Ripple is presumed to be in a bullish momentum but the coin seems to be in a sideways move. The 50-day and 21-day EMAs are trending northward indicating the uptrend.

General Outlook for Ripple (XRP)
Ripple is gradually moving upward. The coin is set and likely to be out of the downtrend zone. The bulls are attempting to break the resistance at $0.26. If successful, the bulls will push the coin above $0.30. The $0.30 resistance has not been broken since July 2019. A break above $0.30 resistance level can be powerful.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Buy
Entry price: $0.26
Stop: $0.24
Target: $0.31

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.