Ripple (XRP) Is Retracing to Important Support for a Possible Breakout.

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 is now hovering above and below $0.28 price level. Before this time, the bulls have successfully broken the resistance levels of $0.24 and $0.26. The current upward move is seriously hampered because of the lack of buying abilities at a higher price level. On February 6, the bulls reached a high of $0.2879 and were resisted.

The coin dropped to the low of $0.26420. On November 9, the bulls made a retest but were repelled at the high of $0.28884. The coin fell to another low at $0.26800. It appears the support is holding as the coin rises. From every indication, if the bulls were successful, the price would have rallied above $0.31. In the meantime, the coin is in a sideways move below the current resistance.

XRP/USD - Daily Chart

Daily Chart Indicators Reading:
Ripple traded at the overbought region of the daily stochastic. The stochastic bands are making a U-turn pointing downward. This indicates that Ripple was falling because the coin was in the overbought region. Sellers were generated in the overbought region to push the coin downward. Ripple is falling and the price bars have fallen to the support of the 21-day SMA. However, if the price breaks below the EMAs, the downtrend will resume.

XRP/USD Medium-term Prediction: Bullish
On the 4-hour chart, after the bulls were resisted, XRP now trades below the EMAs. The price is moving upward, if the price breaks above the EMAs, the coin will resume its uptrend. Also, when the price fails to break above the EMAs, XRP may be in a sideways move.

XRP/USD - 4 Hour Chart

4-hour Chart Indicators Reading
According to the Relative Strength index period 14, the coin has fallen to level 46. This explains that the coin is in the downtrend zone. It is also below the centerline 50. Ripple is likely to fall. The downtrend will also resume if the price breaks below the trend line and is closed below it.

General Outlook for Ripple (XRP)
Ripple is currently fluctuating above $0.27 after the resistance. As the price is below the EMAs, the coin tends to fall. More so, the coin is below 80% range of the daily stochastic. It means that Ripple is in a bearish momentum and it is likely to fall. Meanwhile, the support at $0.27 is holding as the coin makes an upward move.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Buy
Entry price: $0.27
Stop: $0.26
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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