Ripple Price Analysis: XRP looks like it may attempt another test of 0.1700
- Ripple is trading 1.17% higher and is one of the only major coins to trade in the black.
- The price has been accelerating toward the resistance zone on the hourly chart.
XRP/USD 1-hour chart
Ripple is slowly edging toward the 0.1700 psychological area albeit not very quickly. The market is still in a downtrend on the higher timeframe after suffering a large fall over the course of a month. Now there has been some relief with the pair finding a base and making a consolidation pattern. It does feel like the pair is in equilibrium and some decision will be made soon on the future path of the pair.
Looking closer at the chart now, the RSI indicator is moving to more positive areas. It is not yet overbought which means it could have some more room to the upside. The volume on the up candles is also picking up which is a good sign and if the red resistance line breaks it would be good if it had a high volume spike. The price is also trading above both the 200 and 55 moving averages and they are both tilting up showing signs that the trend on the hourly chart is firm.
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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.
