Analysis: Ripple (XRP) Sustains Hold above $0.23 After a Rebound

On the 4-hour chart, Ripple (XRP) is still making a series of lower lows and lower highs. On March 1st, XRP fell to a low of $0.22 and rebounded. The bulls took the price to a high of $0.24 but were resisted. At a high of $0.24, the market reached the overbought region. In the overbought region, sellers were generated to push XRP downward.

At the moment, the price is falling and fluctuating above $0.23. Also, the 12-day EMA and the 26-day EMA are horizontally flat indicating that the price is consolidating in a tight range.

Ripple Consolidates Above $0.23 Support

On the daily chart, a bearish candlestick drops to the low of $0.23 and commenced consolidation on February 26. Ripple is fluctuating but represented by small body candlesticks like the Doji and the spinning tops. These candlesticks describe the indecision between buyers and sellers about the direction of the market.

Ripple Market Cap: $10,294,794,310
Trading Volume: $182,743,151

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:

Nonetheless, as XRP rebounded and reached a high of $0.24, the stochastic bands  were above 80% range. This indicates that the price is in the overbought region of the market. It also means that Ripple is in a strong bullish momentum. Presently, the stochastic bands are moving below 80% range which will result in a bearish momentum

– The Relative Strength Index (RSI) Indicator:–

Presently, Ripple is trading at level 41 of the Relative Strength Index. This indicates that the coin is in the downtrend zone. XRP is likely to fall as it is below the centerline 50.

XRP/USD Bitfinex 4-Hour Chart

XRP/USD – 4 Hour Chart

XRP/USD Bitfinex 1-Day Chart

XRP/USD – Daily Chart


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