Ripple Price Analysis: XRP bulls are fighting to keep hold of the 0.20 handle
- Ripple is trading 1.37% higher on Monday and in line with the broader crypto sentiment.
- The bulls have used to 55 EMA as support in the past and look to be leaning on it again.
XRP/USD 1-hour chart
Ripple is trading higher on Monday as most of the crypto majors trade positively apart from Bitcoin. The price had broken out of the consolidation high at 0.20642 but now has dipped back below the region.
Looking closer at the chart, the bulls are trying to find support at the 55 exponential moving average (EMA). In addition to this, the blue trendline is also providing some support and it has done so on multiple occasions.
The volume in this move to the downside has been somewhat lacklustre and more recently the spikes higher have been accompanied with higher volume. The Relative Strength Index indicator is also just above the 50 mid-line but looks slightly vulnerable. Overall, this is still an uptrend on the hourly timeframe but if the trendline breaks it could indicate a retracement is on the cards.
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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.
