Ripple Price Analysis: Is a test of 0.20 on the cards?
- Ripple is trading 8.3% higher as the whole cryptosphere moves positively on Monday.
- The price has converged into a nice channel formation and 0.20 looks like its the next target.
XRP/USD 4-hour chart
The price of Ripple has exploded today and the price is on nearly a 20-hour bullish streak. The 0.1872 resistance zone looked like a tough one to break but the bulls managed to move through it like a hot knife through butter. Now the 0.20 psychological zone is in the sights of the crypto bulls. The 55 4-hour EMA looks like its about to cross the 200 4-hour SMA too which could be a bullish sign too.
Looking at the indicators now the RSI has moved into a very positive zone but is looking oversold. This could indicate the price could pullback in the short term to push higher later on. The volume has also increased as the price has moved higher which is a very bullish sign. If there is a pullback the 0.1872 previous resistance might be used as a support zone so it could be a level to watch moving forward.
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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.
