Ripple Price Analysis: XRP tests the psychological 0.20 level once again
- Ripple's XRP trades nearly 2% lower on Wednesday and has moved toward to 0.20 level.
- It looks like the price is heading lower and the 0.19 area is looking strong.
XRP/USD 4-hour chart
Ripple's XRP has moved lower on Wednesday as general crypto sentiment is poor on the session. If the price does move lower the green rectangle represents an area which has acted as a magnet for price in the past. This means it could be tested once again.
If the price does move beyond that, the black trendline underneath the price could be another level of support and if it is broken it could mean there is more weakness to come. There is another support zone at the purple line close to the 0.18 price.
The Relative Strength Index indicator is also looking bearish as it has dipped below the 50 mid-line. At the moment the price is holding up at the 0.20 support level but it does look like its just a matter of time before its broken. Lastly, if the price does move higher the red line at 0.2050 is the resistance area.
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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.
