Ripple (XRP) Consolidates Above $0.18, Faces Rejection at $0.20 Resistance

Ripple (XRP) Consolidates Above $0.18, Faces Rejection at $0.20 Resistance

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

XRP/USD Long-term Trend: Bearish
Ripple’s major battle is at the $0.20 resistance. Before now the bulls have made two unsuccessful attempts at the resistance. The upward move is temporarily resisted at $0.19 but it is continuing its consolidation above $0.18. As the consolidation is ongoing, the next resistance is at $0.19.

It is anticipated that a successful break above $0.19 will increase the chances of breaking the $0.20 resistance. On the upside, if the bulls are successful the momentum will extend to the high of $0.25. However, if the bears turn around and break below the $0.18 support, XRP will find support at $0.1720.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
At the moment, XRP is at level 50 of the Relative Strength Index period 14. It implies that the coin is approaching the uptrend zone. The price bars are being resisted by the 50-day SMA. Similarly, 21-day SMA is acting as a support.

XRP/USD Medium-term Trend: Bullish
On the 4 hour chart, Ripple is in an uptrend. A trend line is drawn showing the support levels of price. The bulls have been retesting the $0.20 resistance after the rebound. In the last breakdown, price fell to the support of the trend line and resumed an upward move.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and the 21-day SMA are sloping upward indicating the upward move. XRP is currently above 40% range of the daily stochastic. This implies that the market is in a bullish momentum.

General Outlook for Ripple (XRP)
Ripple is currently consolidating above $0.18 support. The pair has been facing stiff resistance at $0.20. The coin has more hurdles to jump over before reaching the major resistance at $0.20. It has to break the resistance at $0.1880, $0.19 and $0.20 before reaching the previous highs.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.