Ripple Price Analysis: A break of 0.15 is the next hurdle
- Ripple is trading another 2.66% lower on Wednesday as crypto majors struggle.
- 0.1500 is an intraday resistance zone that the market is struggling with at the moment.
XRP/USD daily chart
At the moment XRP is trying to push past the 0.1500 mark as the market consolidates following the fall over the past week. If there is a decent break then 0.2000 would be next. All of the crypto majors are struggling to recover from the recent bearishness but Ripple was one of the worst performers.
Now the major two levels to keep an eye on are support at 0.11004 and resistance at 0.20199. This now looks like it will be the new consolidation zone. If we get a break out in either direction it could tell us a lot about the future trajectory of the price.
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XRP/USD 1-hour chart
On the hourly chart, we get a closer look at the 0.1500 resistance in the purple line. Below there is a support at the previous wave low in green at 0.1285. These intraday breaks could help us understand if the bears or bulls are in control of the market. At the moment the bears look like they have the edge.
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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.
