Ripple Price Analysis: XRP/USD Defiantly Stays In The Green, Soars 7% While Eying $0.20
- Ripple stabilizes in the green, remaining technically poised for a surge above $0.1600.
- A breakout above the triangle resistance could catapult XRP/USD to tackle the hurdle at $0.1750 and $0.2000.
Ripple price bulls are keen to hold onto the gains accrued on Tuesday ignoring the bearish wave across the board. Other major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are struggling to hold above their opening values at $6,496 and $136 respectively. On the other hand, XRP/USD is up by 7.39% on the day after extending the bullish leg from $0.1477 (opening value) to $0.1591 (market value). The intraday high at $0.1622 is the second resistance level above $0.1600.
XRP/USD immediate downside is protected by the 50 Simple Moving Average (SMA) in the 4-hour range. An ascending trendline is also in line to offer support above $0.1400 and the next support target at $0.1200 and $0.1000.
According to the Relative Strength Index (RSI), Ripple price is likely to settle for a sideways trading action between $0.1500 and $0.1600. The continued upward movement is only possible if gains are sustained above the $0.1622. Moreover, a break above the rising triangle resistance would give the bulls a boot towards the psychological $0.2000.
XRP/USD 4-hour chart
Ripple Key Levels
Spot rate: $0.1587
Relative change: 0.0109
Percentage change: 7.39%
Trend: Bearish
Volatility: Shrinking
Support 1: $0.1600
Support 2: $0.1500
Resistance 1: $0.1622
Resistance 2: $0.1750
A breakout above the triangle resistance could catapult XRP/USD to tackle the hurdle at $0.1750 and $0.2000.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Tue, 24 Mar 2020 05:56:10 +0000
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