Ripple (XRPUSD) Price Action - Consolidation Before the Next Move
Ripple (XRP) Price, News and Analysis:
- Cryptocurrency market rally continues.
- Ripple’s chart now starting to show increased bullish sentiment.
Ripple (XRP) Looking Increasingly Attractive on the Chart
Ripple, the third-largest cryptocurrency by market capitalization, has jumped by around 20% this week as buyers seek to regain overall market control. The cryptocurrency market has posted double-digit gains so far this week, while some of the major coins have doubled in value since the start of the year, as positive sentiment returns to the space. It is now looking likely that the low Ripple printed in mid-December last year may remain in place for some time as the chart suggests higher prices in the short- to medium-term.
The break above old horizontal resistance between $0.315 and $0.326 suggests that buyers have returned and are looking to force prices higher. Ripple will need to close above this level to add credibility to the move and set in motion a potential move back towards $0.508, the late-June 2019 lower-high. Above here, another lower-high at $0.772 made back in September 2018 heaves into view. All three moving averages are supportive of the recent move and any short-term pullback to $0.29 may interest buyers.
Ripple (XRP) Daily Price Chart (November 2018 – February 13, 2020)
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