Ripple Price Analysis: XRP once again stalls at 0.20
- Ripple trades 3.40% higher on Thursday as the cryptosphere receives another bounce.
- 0.20 once again seems a major barrier as the price rejected the zone once again.
XRP/USD 4-hour chart
Ripple has moved higher as most of the crypto majors received a bid. Once again the gains were halted at the psychological 0.20 level. This is not the first time the pair found resistance at the zone as you can see on the chart below this is the 4th time the level has been tested. The bulls could still take control and take the level out but then the resistance zone of 0.2060 lies in wait.
Looking at the other technical indicators now, the price is still holding above both the 200 and 55 moving averages. The RSI has moved into bullish territory firmly above the 50 mid-ine and there is still space to move into the overbought zone. Lastly, looking at the volume indicator there is a red square around the spike seen today. This is an encouraging sign as any break higher accompanied with a rise in volume could indicate more momentum is to follow.
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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.
