Ripple (XRP) Pushes above $0.17, Attempts an Upward Move

Ripple (XRP) Pushes above $0.17, Attempts an Upward Move

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

XRP/USD Long-term Trend: Bearish
Since on March 12, Ripple has been on an upward move but faces resistance at $0.17. The price has earlier been fluctuating between $0.12 and $0.17. Nonetheless, the bulls have broken and closed above the resistance line of the descending channel. The price action implies that there may be a change in trend. Ripple is likely to be in upward move. XRP is likely to move up to the high of $0.20, if the bulls sustain price above $0.17. There is the likely tendency for price to slide below $0.17, if the bulls fail to sustain price.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
Ripple is trading above 60% range of the daily stochastic. The bullish momentum is unsteady as the bulls break the resistance line of the descending channel. In the meantime, the price bars are above the support of 21-day SMA.

XRP/USD Medium-term Trend: Bullish
Ripple is making a series of higher highs and higher lows. The bulls have been able to break above $0.17, but the bulls have to sustain the upward move. Ripple upward move has not been impressive, as it lacks buying at higher levels.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
A bullish trend line is drawn showing support levels of price. Meanwhile, Ripple is rising as it reaches level 53 of the Relative Strength index. Ripple is above the centerline 50 indicating that it is in the Uptrend zone. Nevertheless, the 21-day and 50-day SMAs are sloping upward.

General Outlook for Ripple (XRP)
Ripple has broken the resistance line of the descending channel. XRP has the chance of an upward move if the bulls sustain the current momentum above $0.17. Failures of the bulls to push the price upward will make price slide down.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Buy
Entry price: $0.171
Stop: $0.165
Target: $0.191

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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Author : Azeez Mustapha

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