Ripple (XRP) Price Battles with Technical Resistance; Where Next?
Ripple (XRP) - News and Talking Points
- XRP is finding the 200-day moving average an obstruction.
- Cryptocurrency support levels are holding.
Ripple (XRP) Price Prediction Hampered by Technical Resistance
Ripple has rallied by over 25% since it made a double-low of $0.545 on May 29 but now finds its path blocked by a downward pointing 200-day moving average at $0.69. While XRP has broken above both the 20- and 50-day moving average - which should now provide support in the case of a downturn - the dominant 200-day ma needs to be broken and closed above if XRP is to challenge our short-term target of $0.75. A lack of any negative news flow is also helping the cryptocurrency as a space push higher.
We discussed a range of cryptocurrencies, including Ripple, at our latest Cryptocurrency Webinar, where the short-term take was for recent support levels to hold and a continuation of the recent bullish trend.
Ripple Price (XRP) Four Hour Chart (May 7 – June 7, 2018)
Essential Cryptocurrency Trader Resources
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What’s your view of the recent Ripple rally? You can leave your comments in the section below or you can contact the author by email at email@example.com or via Twitter @nickcawley1.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.