Ripple Price Comeback Into The Channel Support Compels Bullish Action Eyeing $0.19
- Ripple price failure to break above the ranging channel resistance at $0.19 opened the Pandora box as sellers pushed the price under $0.18.
- XRP/USD refreshes the bullish strength in a bid to reclaim the channel support and extend the action towards $0.19.
Ripple price traded in a short-term ranging channel since the drop on April 13. The channel resistance at $0.19 made it difficult for the bulls to enact the recovery targeting $0.20. Instead, XRP/USD retreated southwards. A pit stop at $0.1850 gave the buyers false confidence that they had found credible support. The sellers took advantage, extending the bearish leg below $0.18. Moreover, an intraday low has been reached at $0.1763 (on Coinbase) after breaking the channel support.
At the time of writing, Ripple is trading at $0.1792 while fighting tooth and nail to reclaim its position above both the channel support and $0.18 level. It is apparent that a bullish move of this magnitude could boost XRP/USD towards the initial target at $0.19. However, buyers must be aware of the resistance at the 50 Simple Moving Average (SMA) at $0.1850 in the 1-hour range. More resistance is also expected at the 100 SMA currently at $0.18665.
XRP/USD 1-hour chart
Looking at the other technical indicators such as the Relative Strength Index (RSI), we can tell that Ripple is gradually turning bullish. The RSI has just stepped above the oversold, which means that there is plenty of room for growth in the coming sessions.
On the flip side, the recent low at $0.1763 will continue to function as the short term support area. However, if broken, Ripple will see refuge at $0.16; a region that is regarded as a strong buy zone.
Ripple Intraday Key Levels
Spot rate: $0.1794
Percentage change:
Relative change:
Trend: Bullish
Volatility: Expanding
XRP/USD refreshes the bullish strength in a bid to reclaim the channel support and extend the action towards $0.19.
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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 Thu, 16 Apr 2020 06:12:38 +0000
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