Ripple (XRP) Rebounds, Fails to Breach $0.20 and $0.205 Resistances


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

XRP/USD Long-term Trend: Bullish
On April 23, Ripple rebounded at the low of $0.186 but was resisted at $0.20. The market pulled back above $0.195 support. The bulls have succeeded in breaking the initial resistance at $0.195 but have failed to push above $0.20 resistance. The market is trading and attempting to break above $0.20. However, a strong rebound at the low of $0.195 will catapult the coin above $0.20 resistance. The momentum will continue if price breaks above $0.20500 resistance. The new uptrend will reach a high of $0.22 and $0.24 price level.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
The exponential moving averages have a bullish crossover. The 21-day SMA crosses over the 50-day SMA. XRP has risen above level 55 of the Relative Strength Index period 14. It is also above the centerline 50 which indicates a possible rise.

XRP/USD Medium-term Trend: Bullish
On the 4 hour chart, Ripple is in an uptrend but battles the resistance at $0.20 and $0.20500. Recently, a rebound broke the $0.19500 resistance, but the bulls were unable to push above $0.20. Yesterday, the bulls tested the $0.20 resistance but were repelled. A strong rebound is possible to break the resistances of $0.20 and $0.20500.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 50-day and the 21-day SMAs are sloping sideways as the market trades below resistance at $0.20. XRP is above 60% range of the daily stochastic. This implies that Ripple is in a bullish momentum.

General Outlook for Ripple (XRP)
Ripple is trading below $0.20 and $0.20500 resistances. Buyers have failed to push above $0.20 resistance as XRP lacks buying at higher levels. There is a possible rise of the coin as price is above the EMAs.

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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.