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Ripple (XRPUSD) Price Action -  Consolidation Before the Next Move

Ripple (XRPUSD) Price Action - Consolidation Before the Next Move

Nick Cawley, Senior Strategist

Ripple (XRP) Price, News and Analysis:

  • Cryptocurrency market rally continues.
  • Ripple’s chart now starting to show increased bullish sentiment.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

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.

Ripple (XRP) Price Analysis: XRP/USD May Re-Test 2019 High

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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)

Daily Ripple price chart
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Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Ripple (XRP) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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