On the 4-Hour Chart, Ripple (XRP) is making an upward move after the last bearish impulse. The coin is making a series of higher highs and lower lows. A bullish trend line is drawn showing support levels of price.
On March 20, the bulls tested the $0.17 resistance and price fell to the support of the trend line. Immediately, price bounces above the trend line to resume another upward move. The same scenario was repeated on March 27. Nevertheless, on the downside, if the bears break the bullish trend line and close below it, the downtrend will resume.
XRP trades above $0.17, lacks buying at a higher level
On the daily chart, and at a low of $0.12, Ripple rises to a high of $0.17. While in an upward move the bulls broke and closed above the resistance line of the descending channel. The implication is that the cryptocurrency may have a change in trend. The market is likely to be in an uptrend. The upward move has been hampered because of a lack of buyers at higher levels. On the upside, if the bulls push XRP above $0.17, the market will rise to $0.20. Later, the momentum will extend to $0.22.
Key Levels to Watch
- Key Resistance Zones: $0.35, $0.40, $0.45
- Key Support Zones: $0.25, $0.20, $0.15
-The Stochastic Indicator:
Ripple is above 60% range of the daily stochastic. Ripple was earlier overbought but the bears almost sank the price below $0.17. XRP found support close to $0.16 level to resume an upward move.
– The Relative Strength Index (RSI) Indicator:
The 12-day EMA and the 26-day EMA are sloping upward indicating the uptrend. Ripple is currently at level 53 of the Relative Strength index but above the centerline 50. It indicates that the market is in an uptrend and it is likely to rise.
This article is Originally posted on CoinCentral.com
Author: Mustapha Azeez