Ripple Price Update: XRP/USD gears up for another shot at $0.30
|- Ripple tries to follow Bitcoin’s lead in a bid to cross above the stubborn $0.30 resistance.
- Ripple contains the price movements within an ascending channel.
Ripple price continues to nurture an uptrend within an ascending channel. The channel support is very instrumental to the trend; its resistance line is proving to be an uphill task for the bulls. XRP recently pushed strongly towards $0.30 but fell short of $0.29 forming a high at $0.2882. The retracement that followed found support at $0.2650 and gave way to the ongoing bullish action on Sunday (European trading session).
The bullish action is in tandem with Bitcoin’s rally above $0.30. XRP has reclaimed the ground above $0.28 and is exchanging hands at $0.2816. The immediate downside is protected by the 50 SMA at $0.2787 in the 2-hour range.
As per the trend signaled by the RSI, the bulls are in control. If the momentum stays intact and the RSI hits levels above 70, XRP could for the first in 2020 cross above $0.30. Similarly, the momentum indicator, with the cross above 0.0000, shows that the ongoing bullish action has strength.
As far as the reversal is concerned, the channel support and the 50 SMA will offer support above $0.2700. Other key areas of support include 0.2650, $0.2500, the 200 SMA, $0.2300 and $0.2200.
XRP/USD 2-hour chart
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