Ripple Price Analysis: XRP breaks past 0.1800 and heads to some key technical areas
- Ripple trades over 5% higher as most of the crypto majors catch a bid.
- The top of the consolidation at 0.1879 looks like it will be tested next.
XRP/USD 4-hour chart
Ripple has been bullish on Thursday after the whole of the cryptosphere caught a bid. Looking at the price action now it seems that we are in a period of higher lows and higher highs on the chart confirming the upside bias. The price is also crossing the key 55 and 200 4 hour moving averages. Also on the daily chart, the price is heading to the 55 daily EMA which could be a resistance zone.
On the higher timeframes, the channel which is marked by the blue and the red trendlines looks like a bear flag formation. At the moment we are at the top of the channel and any break above would invalidate this theory but at the moment there is some resistance at the 0.1879 area. The psychological 0.2000 level is the next major zone to look for on the upside and it has been used many times as a support or resistance zone.
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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.
