Ripple Price Analysis: Finally the 0.20 level is broken!
- Ripple trades 4.7% higher on the session as sentiment break higher.
- The price has now conclusively broken the 0.20 psychological level.
XRP/USD 4-hour chart
Ripple has had a great session after a few days of desperately thin price action. The bulls have managed to take the price to reach a high of 0.2106. The next resistance is very close by at the purple horizontal line (0.2131). The price is also trading about two key moving averages. The 200 and 55 moving averages are both under the current price point and could provide support if the market pulls back. In addition to this, there is also a trendline in place that's if the 0.20 gets broken again to the downside.
Looking at the indicators, the relative strength index indicator has also moved into the overbought zone. This indicates there could be a short term pullback, if the pullback is deeper than expected then the orange support line at 0.1750 could be the level to watch. For now, all eyes are on higher levels and the bulls remain in charge.
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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.
