Ripple Technical Analysis: XRP/USD finally sees some bullish action after a 1.4% increase in price outperforming the market

XRP/USD has been one of the weakest pairs in the crypto market for the past year.
XRP bulls are eying up $0.18 after a decent price increase while the rest of the market remains flat.

Lorenzo Stroe Independent Analyst

In general, XRP’s outlook remains negative, however, the recent bull move could be the beginning of a reversal on the daily chart. XRP is changing hands at $0.177 and opened at $0.1748.

XRP/USD daily chart

At this point in time, it seems that XRP has established a higher low at $0.1729. Buyers are still facing the 12-EMA resistance level established at $0.18 followed by the 26-EMA at $0.186. The current downtrend will only be reversed after both EMA resistances are broken.

XRP/USD 4-hour chart

Zooming in we can see XRP’s recent bull move as a healthy move, unfortunate, the digital asset got rejected from a significant resistance area at $0.1783 and above towards $0.18. This factor indicates a lack of long-term strength for the bulls which have pushed XRP above both EMAs.

Author

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.