Ripple price analysis: XRP/USD may have room for another pop higher, before the bears sell on the rally
|- Ripple over the short term looks subject to another rally higher up to $0.80 resistance.
- Bears are looking for possible opportunities to sell rallies seen, as market is still in a down trend over long term time frame.
The Ripple price is seen holding marginal gains of 1% on Wednesday, market participants weighing up the next committed move. As a recap, a sharp recovery was seen at the start of the trading week, from lows of $0.53.
Looking at the shorter time frame, over 1-hour view, the price is gradually grinding higher, within an ascending channel. Currently in proximity to the 50 DMA, tracking at $0.68, this is currently supporting Ripple from downside.
In terms of the daily chart, a bearish pennant pattern can be observed, the formation seeing resistance tracking at $0.80, with support noted at the lows on Sunday, $0.53. XRP/USD looks subject to a possible run higher, before the bears taken an opportunity to sell on the rallies.
XRP/USD 1-hour chart
XRP/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.