Ripple Price Analysis: XRP is showing signs of breaking higher
- Ripple trades 4.34% higher as the cryptoshpere received a boost on Thursday.
- XRP/USD broke a key trendline to the upside and now has consolidated around 0.19.
XRP/USD 1-hour chart
Ripple broke higher earlier on in the session and broke the black trendline on the hourly chart below. Now the rest resistance point up is the blue line at 0.1960, beyond that, the psychological 0.20 level is next up.
Looking at the chart, the red 200 period moving average seemed to have provided some resistance and halted the move. Since then the price has just move below the 0.19 area where it looks like it might try and consolidate. The RSI briefly moved into overbought territory but has now moved back below. The move higher was accompanied by a rise in volume so it looks like the break was legit. Now there needs to be another bout of buying strength to test the resistance zones above.
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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.
