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Ripple Price Analysis: Will the price move higher after the chart pattern break?

  • Ripple is trading just above flat on Wednesday as sentiment remains mixed.
  • There has been a break of the chart pattern but no real follow-through as of yet.
Ripple Price Analysis: Will the price move higher after the chart pattern break?
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

XRP/USD 4-hour chart

The Ripple chart below still looks like a bullish one despite some small signals the price could pull back further. The overall trend is up but there has been a lower high and only a break of the red trendline will confirm a change in trend to make a lower high lower low wave pattern.

The price is still trading above the 55 and 200 moving averages which is a bullish sign. The price has used the 55 exponential moving average as a support zone a few times so keep an eye n that moving forward. The relative strength index indicator is holding just above the 50 mid-line and has room to move higher. 

Above all this, the key is still the retest of the pattern. If this retest holds the price could go on the retest the high of 0.2357 which was printed on Monday. 

Ripple chart pattern break

Additional levels

XRP/USD

Overview
Today last price0.2173
Today Daily Change0.0002
Today Daily Change %0.09
Today daily open0.2171
 
Trends
Daily SMA200.2021
Daily SMA500.1858
Daily SMA1000.2167
Daily SMA2000.2271
 
Levels
Previous Daily High0.2224
Previous Daily Low0.2132
Previous Weekly High0.2358
Previous Weekly Low0.1917
Previous Monthly High0.2358
Previous Monthly Low0.1684
Daily Fibonacci 38.2%0.2167
Daily Fibonacci 61.8%0.2189
Daily Pivot Point S10.2127
Daily Pivot Point S20.2083
Daily Pivot Point S30.2035
Daily Pivot Point R10.2219
Daily Pivot Point R20.2268
Daily Pivot Point R30.2311

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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