Ripple (XRP) has been making a consistent positive move immediately after the bear market in December. The pair has moved from the low of $0.18 to $0.25 in a matter of four weeks. The challenges of the cryptocurrency are that it lacks buyers at higher price levels. The coin has been resisted at the first attempt at $0.25. However, the bulls are unrelenting as they make another attempt at the resistance.
XRP makes an upward move after break down
On January 18, the bulls made the first attempt to test the $0.25 resistance after the last bearish impulse in December. The upward move was short-lived as there were insufficient buyers to sustain the current high. XRP made a sharp fall to the low of $0.21. The downward move was in stages. From the high of $0.25, the coin dropped to the low of $0.23 and commenced a sideways move above the $0.23 support. After four days of a sideways move, the coin finally dropped to the low of $0.21 on January 25.
Today, the cryptocurrency is in an upward move trading above $0.23. The bull’s upward move is not without a fight from the bears. The bulls may want to retest the $0.25 resistance level but are likely to face resistance at the high of $0.24 price level. On the downside, if the bulls fail to break above the $0.23500 and $0.24 resistance zone, XRP is likely to fall.
Ripple Market Cap: $10,180,182,402 | Trading Volume: $1,827,977,616 | Current Price: $0.233972
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 trading and has reached the overbought region above 80 % range of the daily stochastic. The implication is that buyers will not be available to push the price higher. Therefore sellers will be generated to push Ripple price downward. The current price at $0.23 may further depreciate.
The Relative Strength Index (RSI) Indicator
The RSI period 14 level 57 indicates that XRP is above the centerline 50. This implies that the coin is likely to rise. The Relative Strength Index doesn’t agree with the stochastic indicator as they are in different time frames.
Image via Shutterstock
Affiliate: Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!