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Ripple (XRP) Price Battles with Technical Resistance; Where Next?

Ripple (XRP) Price Battles with Technical Resistance; Where Next?

2018-06-07 11:00:00
Nick Cawley, Strategist
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Ripple (XRP) - News and Talking Points

- XRP is finding the 200-day moving average an obstruction.

- Cryptocurrency support levels are holding.

To see how retail traders are currently positioned in Ripple and what it means for traders looking forward, you can download the IG Client Sentimentpage for free for updated retail positioning.

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)

Ripple (XRP) Price Battles with Technical Resistance; Where Next?

Essential Cryptocurrency Trader Resources

For traders who are new to the cryptocurrency market we have an Introduction to Bitcoin Trading Guide along with a Free Practice Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.

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 nicholas.cawley@ig.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.

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