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Ripple has recently lost its second place in the ranking of the main coin markets. Except dignity, it does not mean much.
The XRP is currently trading around the price level of $ 0.36, and we can see that the 200 EMA (marked in a white line) and 55 EMA (yellow line) are curled around one another, which is probably a sign that an abrupt move is about soon.
Looking at the 4-hour chart
- The XRP is still trading between the range of $ 0.37 – $ 0.395 resistance from the high and $ 0.31 – $ 0.324 level of support from the bottom.
- We expect to see a new test of the resistance level shortly, a move that will determine the next short-term direction for the currency. Looking at the daily chart, we can see that the resistance level shown above is very significant for XRP. It is the peak of the first XRP rally recorded in May 2017. If this resistance is interrupted, the future could be much brighter for XRP over the medium term.
- In the above scenario, as mentioned in our last XRP analysis, the next target for XRP could be found at the previous high of $ 0.448.
- On the other hand, if the bears take the lead, then XRP will probably repeat the channel support level ($ 0.31 – $ 0.324). In the event that this level is split, the XRP could easily slide to the lows around $ 0.27.
- The RSI indicator is at 54 (the center of the channel). This level does not give us any short-term indication in which the wind blows.
- The volume of trade is shrinking and, together with the parallel movement of the EMA, we should soon expect a strong move.
BitStamp XRP / USD 4-hour chart
BitStamp XRP / USD 1 day chart
Markets XRP-BTC
The 4-hour XRP-BTC chart has not changed much, while XRP is traded above the BTC support level 0.000093 and the blue support trend-line (shown in the following graph).
The next bullish target could be found at the resistance level BTC 0.000105 BTC – 0.000115 BTC, and on the other hand, if the support level breaks down, the next bearish target could be found around 0.000084 BTC or less than 0,000078 (200 EMA).
BitStamp XRP / BTC 4 hour chart
CryptoPotato video channel
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