Ripple Price Analysis: Trendline break failed to sustain bullish momentum
- Ripple is trading nearly 1% lower on Tuesday as the retracement continues.
- The price is now consolidating at a key level and a break could help determine the future direction.
XRP/USD 1-hour chart
Ripple is trading lower on Tuesday but all hope is not lost as there are some key support zones in near proximity that could stem any losses. The market has made a higher low on the hourly chart below but the last time the price attacked the red trendline it failed to sustain the bullish momentum and pulled back in.
The 0.21 level is the major support zone and the price has now bounced off the level twice now. The bulls need to gather some strength and try and break 0.2225. The good news is the price is holding above 200 simple moving average but the 55 and 200 are very close together and could cross (negatively).
The relative strength index indicator is nearly above the 50 mid-line and crossing from below to above would be seen as a bullish sign. Overall the market still looks like a bullish one and only a break below 0.2075 could change that bias.
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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.
