Ripple Price Analysis: 1-hour XRP waves point to a move higher
|- Ripple trades just over 1% lower on Wednesday after bullish momentum drops off.
- The waves on the intraday chart still point to a move higher.
XRP/USD 1-hour chart
Ripple has been consolidating after a large drop over the past month. Around 0.1740 is the wave high and the major low stands at 0.1105. The pair is now coming to a critical time. if the pair attacks the highs then the bulls will take charge but there have been some very lacklustre attempts soo far. On the downside, there is lots of traffic in the way. The 0.1500 psychological level has been very strong and it will take some doing breaking that.
Looking at the hourly chart below, The swing highs and lows have been highlighted by the circles. At the moment there has been a higher low and a higher high wave. This is bullish but it won't mean much if 0.1760 is not challenged. The price is trading above the moving averages and the RSI has just dipped below 50. This means there is a mixed picture from the indicators. If we are focusing on price itself this can still be considered as a basing pattern. A upside break is desperately needed for confirmation.
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Additional levels
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