Ripple’s XRP Price Analysis: XRP/USD Yearns For One Push Past $0.24 Stubborn Resistance

By John Isige
January 28, 2020 Updated January 28, 2020
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Ripple XRP
Pexel: Ripple
  • Ripple’s bullish pennant pattern price action still in play towards $0.25.
  • Ripple technical analysis trend sustains a positive bias both short term and long term.

Ripple is in a bullish zone after the recent recovery from levels close to $0.21. Last week bearish correction saw Ripple dive under a few support areas including $0.24, $0.23 and $0.22. The high concentration of buyers above $0.21 quickly resumed the bullish trend. Ripple price climbed the support turned resistance zones breaking past the 50 Moving Average on the 4-hour chart. The bullish momentum hit levels above $0.23, however, the resistance at $0.24 has remained in place ever since.

XRP/USD 4-hour chart

XRP/USD price chart
XRP/USD price chart by Tradingview

In the meantime, XRP is changing hands at $0.2343 amid a minor bullish momentum. Still contributing to the ongoing momentum is the impact of the break above the bullish pennant pattern. This pattern is mostly used in classical technical analysis to signal changes in the trend.

Short term analysis using the Relative Strength Index (RSI), the most possible trend in the coming session are likely to remain bullish. The RSI’s gradual upward motion means that the bulls will continue to grip XRP tightly. Moreover, the indicator is yet to reach overbought levels, suggesting that there is still room for growth.

Another bullish indicator is the Elliot Wave Oscillator, whose bullish session has remained intact since Sunday. If the force a breakout above $0.24, there is a chance that a momentum boost will occur above the critical resistance at $0.25. For now, all the energy should be out towards barricading declines and pulling towards $0.24.

Ripple Price Levels

Spot rate: $0.2335

Relative change: 0.00266

Percentage change: Bullish

Trend: Short term and long term bullish bias

Support: $0.23, $0.22 and $0.21

Resistance: $0.24 and $0.25

 

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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