Ripple Price Analysis: XRP finds short term resistance at 0.20
- Ripple trades around half a percent higher on Tuesday but there is some resistance at the 0.20 area.
- There is a nice channel forming on the intraday charts and the price looks like its turning lower.
XRP/USD 4-hour chart
Ripple has been moving in a bullish channel for a while now and it seems like 0.20 was just a step too far. Analysing the 4-hour chart you can see the moving averages have crossed over in a bullish fashion. There has also been some good volume on the uptrend and the RSI indicator moved into bullish territory. If this is where the price starts to turn lower then the red support zone of 0.1835 could be important.
Away from this, the black line which is the bottom of the channel could act like support. If that level breaks then the green line just above 0.16 is the next support zone. The market is in a competitive movement of higher highs and higher lows. But for the trend to continue 0.20 needs to be broken.
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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.
