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.
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.
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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.
