Ripple (XRP) Shows Strength above $0.18 Resistance, Resumes Uptrend

Ripple (XRP) Shows Strength above $0.18 Resistance, Resumes Uptrend

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

XRP/USD Long-term Trend: Bearish
The bulls have finally broken the resistance at $0.18 as price reaches the high of $0.1990. Ripple has been in consolidation between $0. 12 and $0.17 since March 12. Presently, the upward move is facing resistance at $0.1990. This is because the market is respecting a historical price level in December and early January.

In December, Ripple was in consolidation above $0.19 before the resumption of an uptrend. Today, XRP is facing minor resistance at $0.19. The upward move will resume if the bulls sustain price above $0.19. The market is expected  to rise and reach a high of $0.25.

XRP/USD – Daily Chart

Daily Chart Indicators Reading:
Ripple is trading above 80% range of the daily stochastic. The pair is now in the overbought region of the market. It is most likely that sellers will emerge to push the coins downwards. It is not clear the extent of Ripple’s downward move.

XRP/USD Medium-term Trend: Bullish
On the 4 hour chart, Ripple is in an uptrend. A trend line is drawn showing the support levels of price. Yesterday, XRP rebounded above the support of the trend line to reach a high of $0.1990. XRP is currently facing resistance at the recent high.

XRP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Ripple is presently at level 78 of the Relative Strength Index period 14. This indicates that Ripple is in the overbought region of the market. This also implies that sellers are likely to emerge to push the coin downward.

General Outlook for Ripple (XRP)
Ripple upward move has resumed as the resistance at $0.18 has been broken. The market is expected to reach the previous highs but it is currently facing initial resistance. The upward move is likely to resume after the retracement.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Buy
Entry price: $0.20050
Stop: $0.20000
Target: $0.20250

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.