Ripple (XRP) Rebounds, Targets $0.34 Overhead resistance

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

XRP/USD Long-term Trend: Bullish
Recently in February, the bulls broke the resistance at $0.28 and reached a high of $0.32. It was initially anticipated that if the price broke the resistance at $0.28, XRP would rally above $0.31. As price reaches a high of $0.32, the momentum extended to $0.34 price level. Unfortunately, the bulls could not sustain the price above $0.34 and were resisted.

The price fell to a low of $0.28 and rebounded. However, with the rebound, the selling pressure has been exhausted. The focus will be on the upward move. On the upside, the bulls are likely to retest the $0.34 resistance. If the bulls are successful, a break above 0.34 will enable the coin to reach a high of $0.40.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
Ripple is making a positive move as the price reaches a high of $0.29. Presently, the stochastic is contradicting the upward movement of the price action. XRP is below 75% range of the daily stochastic. That is the coin is in a bearish momentum.

XRP/USD Medium-term Trend: Bullish
On the 4-hour chart, the bulls break the resistance at $0.28 after a rebound at the low of $0.26. The same momentum reaches a high of $0.32. Later, a final push made the coin to reach a high of $0.34. The resistance at $0.34 made the coin to drop to the low of $0.27. The downward movement of the coin resulted in the breaking  the EMAs and the bullish trend line.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Ripple has risen to $0.29 after the downtrend. The Relative Strength Index has also risen to level 51 indicating that the coin is in uptrend zone. In this zone, the coin is likely to rise. The coin broke the trend line and closed below it thereby terminating the uptrend. If the price breaks above it the uptrend will resume.

General Outlook for Ripple (XRP)
From every indication, the upward move is continuing as the bulls recover from the bearish impulse. As the bulls make an upward move to retest the $0.34 resistance the pair may face opposition which will result in a sideways move. The coin may be range-bound between $0.26 and $0.34.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Buy
Entry price: $0.29
Stop: $0.27
Target: $0.40

 

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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