On the 4-hour chart, after XRP bulls failed to break the resistance at $0.28, the knotty wedge was broken after a rebound.
On February 11, XRP fell to the low of $0.26800 and rebounded. The bulls break the resistance at $0.28 and rally above $0.32. Ripple’s upward move was hampered at the $0.32 resistance. The pair made another push as the price pulled through to the $0.34 resistance.
On February 15, Ripple reached a high of $0.34, a period when the market reached the overbought region of the daily stochastic.
The implication of the move is that buyers will be unavailable to push Ripple upward. In the overbought region, you will find the presence of sellers responsible for the downward movement of Ripple. Nonetheless, Ripple fell to a low of $0.28 and pulled back.
Ripple Likely to Rally Above $0.40
On the daily chart, at the low of $0.28, the coin rally above $0.34 but was resisted. When the coin reached the high of $0.34, the RSI also rose to level 81 indicating that the XRP is in the overbought region. The result was the downward movement of the coin to a low of $0.28.
XRP is likely to move up to retest the $0.34 resistance if the bullish momentum is sustained. Nonetheless, if the resistance at $0.34 is broken, XRP will rally above $0.40.
Ripple Market Cap: $12,456,651,598
Trading Volume: $3,632,282,608
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:
24 hours ago, Ripple fell to a low of $0.28. In the same manner, the stochastic bands also reached the oversold region where selling has been overdone. Today, the stochastic bands are above 20% range indicating that Ripple is in bullish momentum. It means that an upward move will resume.
– The Relative Strength Index (RSI) Indicator:–
Ripple is now trading above level 58 of the Relative Strength Index. Ripple is still in the uptrend zone as it is above the centerline 50. The RSI also indicates that Ripple is in the bullish trend zone. That is the market will rise.
XRP/USD Bitfinex 4-Hour Chart
XRP/USD Bitfinex 1-Day Chart