Ripple XRP Price Analysis: Triangle formation break could give us signals for now 0.20 seems to be the resistance
- XRP trades over 2% higher on Wednesday as sentiment improves.
- The pair is now looking to break the psychological 0.20 again.
XRP/USD 4-hour chart
Ripple's XRP has been trading higher on Wednesday as crypto sentiment improves. The price has now come up to a resistance point as the 55 Exponential Moving Average and the 0.20 psychological level join forces to stop the bulls.
There is also a large triangle formation on the chart and a break could give us some great clues on the future path of the pair. Currently, the price has made a few lower high lower low waves and the downside looks like it has slightly less traffic.
Looking closer at the indicators, the MACD has turned positive. The histogram has moved above the zero line but the signal lines still trade under the mid-line. The Relative Strength Index also looks perky. It has pushed above the 50 mid-point and still has plenty of room to move to the upside. There is always the potential this could change in an instant so keep a close eye on them.
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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.
