Ripple Price Analysis: 0.20 has been retaken but for how long?
- XRP trades 4.17% higher after a disappointing session on Thursday.
- The 0.19 handle provided some serious support and buyers stepped in here.
XRP/USD 4-hour chart
Ripple's XRP has pushed higher on Friday breaking back above the 0.20 handle. The main test will be at the red resistance zone on the 4-hour chart below at 0.2071. The price bounced off the 0.19 level and this coincided with being oversold on the Relative Strength Index indicator.
On the downside, if the price does bounce back off the aforementioned 0.2071 resistance zone the 0.1800 could be the target for the bears. crucially the price is back below the 55 exponential (EMA) and 200 simple moving averages (SMA). There has also been a bearish moving average cross where the 55 EMA has crossed the 200 SMA to add to the bearish woes.
On a technical note, the black trendline could play a very important role as a break back above it could mean the pair is heading toward higher levels. There certainly does seem to be more traffic on the upside.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
