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Ripple Price Analysis:Are the buyers still with XRP?

  • Ripple trades 0.43% lower on the session but there are some encouraging signs.
  • The price has bounced off the wave low support and needs to break the pattern top.
Ripple Price Analysis:Are the buyers still with XRP?
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

XRP/USD 4-hour chart

Ripple has fallen overall on Monday but the has been a bounce off the 55 exponential moving average. Technically the chart is still a bullish one as the trend is still firmly in an upward trajectory. The only issue is there have now been two lower high waves but the support of the 0.21 psychological wave low is holding firm at present.

Looking at the indicators, there was a clear volume spike marked by the circle. This points to a buyers market until there is a selling wave with higher volume it seems the bulls are still in charge. 

A bigger bullish sign would be if the price took out the red trendline at the top of the price pattern. If this level is broken then the logical target could be the wave high at 0.2361. The relative strength indicator also has lots of room to move on the upside which is also good but right now is struggling for momentum at the 50 mid-line.

Ripple chart pattern

Additional levels

XRP/USD

Overview
Today last price0.2174
Today Daily Change-0.0019
Today Daily Change %-0.87
Today daily open0.2193
 
Trends
Daily SMA200.1987
Daily SMA500.183
Daily SMA1000.2168
Daily SMA2000.2278
 
Levels
Previous Daily High0.2268
Previous Daily Low0.2156
Previous Weekly High0.2358
Previous Weekly Low0.1917
Previous Monthly High0.2358
Previous Monthly Low0.1684
Daily Fibonacci 38.2%0.2199
Daily Fibonacci 61.8%0.2225
Daily Pivot Point S10.2144
Daily Pivot Point S20.2094
Daily Pivot Point S30.2031
Daily Pivot Point R10.2256
Daily Pivot Point R20.2318
Daily Pivot Point R30.2368

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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