Ripple (XRP) Starts New Uptrend, Battles Next Resistance at $0.34

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 February 11, Ripple slumped to the low of $0.26 and rebounded as the coin reached a new high of $0.32. Before this time, the bulls have been finding it difficult to break the resistance at $0.28. Analysts are of the view that a break above $0.28 will push XRP to a high of $0.31. Today the market has reached a high of $0.34 but has pulled back to the support of $0.32.

The upward move has been temporarily put on hold because of the minor resistance at $0.34. Nonetheless, the bulls have to make efforts to break the current resistance. From the price action, if the bulls succeed in breaking the resistance at $0.34, XRP will rally above $0.40. This is because there will be little or no resistance between $0.34 and $0.40. Therefore, we shall lookout for the next price between $40 and $0.45.

XRP/USD - Daily Chart

Daily Chart Indicators Reading:
As Ripple appreciated to a high of $0.32, the Relative Strength Index period 14 has risen to level 80. This implies that Ripple is in the overbought region of the market. The implication is that once the coin is overbought, sellers will be generated in the region to push the coin downward. Buyers are not available in the region to push the coin upward. However, in exceptional cases price will linger in the overbought region before the downward move.

XRP/USD Medium-term Trend: Bullish
On the 4-hour chart, the upward move was as a result of a bounce on the trend line. The rally reached a high of $0.34 but the price found support above $0.32. Thereafter the bulls made two attempts at the resistance without a success. The coin is fluctuating below the resistance.

XRP/USD - 4 Hour Chart

4-hour Chart Indicators Reading
Ripple is trading below 80% range of the daily stochastic. This means that XRP is in bearish momentum. The coin is likely to fall. Meanwhile, 21-day SMA and 50-day SMA are sloping upward indicating that uptrend is ongoing

General Outlook for Ripple (XRP)
Ripple is currently fluctuating above $0.32 support but below the $0.34 resistance. The bulls have one more hurdle at $0.34 resistance to jump over. Ripple will be out of the downtrend zone if the bulls are successful above the resistance. There is also the possibility of a new uptrend as soon as the resistance at $0.34 is breached.

Ripple (XRP) Trade Signal
Instrument: XRPUSD
Order: Buy
Entry price: $0.33
Stop: $0.32
Target: $0.45

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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