a day ago | Azeez Mustapha

Ripple price analysis

XRP/USD Long-term Trend: Bearish

Key resistance levels: $0.4, $0.5, $0.6
Key support levels: $0.25, $0.20, $0.15

Viewing the market from a long-term perspective, XRP is nearing the angle of the descending triangle with choppy price action. A price break is expected at any moment, and XRP’s chance of rising is higher than the chance of falling. If the $0.25 strong support witnesses a breakdown, however, the coin would most likely sustain additional losses. 

The daily RSI is shooting sideways, reflecting an indecisive market. A surge is most likely to hit the key resistance levels ($0.4, $0.5 and $0.6) in subsequent order. On the other hand, the closest major support level is at $0.25. But for now, a bearish signal is unclear and invisible.

At this stage, XRP traders are waiting patiently for a clear breakout before initiating an entry for the next big move. Looking at the daily Stochastic indicator, a bullish signal is slowly coming into play.

XRP/USD Medium-term Trend: Bullish

Looking at the coin’s medium-term structural outlook, XRP is steadily maintaining an upward direction. The bullish momentum is seen by the price action following a higher high, higher low pattern. Currently, the coin is gradually reaching the lower channel, which is reflected on the 4-hour RSI.

Following the rally, XRP is respecting the ascending channel trend. As the market moves, a price break is likely to play out on both sides of the trend lines. A swing high would visit the nearest resistance level at $0.38, while the closest support for a low break is $0.28.

Whichever direction XRP takes, the 4-hour Stochastic suggests that selling pressure is currently in play – the market is running a retracement move. A bounce up is likely as soon as it reaches the oversold area.

XRP/USD Short-term Trend: Bullish

In fact, the short-term graph shows bullish momentum as trading is occurring between the $0.30 and $0.34 price levels. XRP is currently trading at $0.31. 

For the bull side, the closest target is at the $0.34 resistance level and beyond. A possible incline is suggested by the hourly RSI, as it aims high. For the bear side, a decline is likely to bottom on the trend line where the $0.30 support lies. By then, the Stochastic would be facing down.

Considering the ascending trend line, a low break at the above support would position XRP in a bearish trend. As it stands now, the bull dominance is in play – increasing volume could help push the value of XRP up.

Latest XRP News

Earlier in the week, XRP holders rejoiced as the Coinbase Pro exchange finally listed the coin after countless requests by the XRP online community. As trading gets underway on Coinbase Pro, the next milestone for the Coinbase integration will be when XRP is added to the company’s platform for retail cryptocurrency investors. Currently, there is no set date for this step in the Coinbase listing process. 

In this video, popular cryptocurrency YouTuber Ivan on Tech discusses Coinbase Pro’s XRP listing.

To see more XRP videos, check out CoinCodex TV. 

(Excerpt) Read more Here | 2019-02-28 10:30:27
Image credit: source

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