Ripple (XRP) Is Stuck Below the $0.50 High, Upward Move Doubtful

Ripple (XRP) Is Stuck Below the $0.50 High, Upward Move Doubtful

Key Resistance Levels: $0.65, $0.70, $0.75
Key Support Levels: $0.45, $0.40, $0.35

XRP/USD Long-term Trend: Bullish
Today, the bulls are retesting the resistance at $0.48 to push on the upside. Yesterday, the price spike rallied to the $0.52 high but the bears push XRP to the range-bound zone. The altcoin upward move has been restricted between $0.43 and $0.50 since February 23 breakdown. Ripple, lacks buyers at a higher price level. On the upside, if the bulls break the $0.50 overhead resistance, buyers are likely to be attracted and prices will move up. XRP will rise and attain the next price level of $0.65. On the other hand, if the bears have the upper hand and break the $0.43 support, the altcoin will further decline to $0.35 low.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
The price spike broke the resistance line of the descending channel but fell back to the channel. If the price breaks above the resistance line and closed above it, it will signal the resumption of the uptrend. Also, price has partially risen above the SMAs which indicates a possible rise in price. The Relative Strength Index period 14 is at level 51. It means that there is a balance between supply and demand.

XRP/USD Medium-term Trend: Bullish
On the 4 hour chart, the coin is consolidating below the $0.48 resistance. On March 16 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that XRP will rise to level 2.618 Fibonacci extensions. That is the high of $0.67.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Ripple is below the 40% range of the daily stochastic. It means that the coin is in a bearish momentum. Nonetheless, if the bulls break the downtrend and close above it, Ripple will resume the uptrend.

General Outlook for Ripple (XRP)
Ripple is still consolidating above the $0.43 support. A break above $0.50 resistance will propel XRP to rise on the upside. A possible rise to $0.65 is likely.



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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.