Ripple Price Comeback Into The Channel Support Compels Bullish Action Eyeing $0.19
- Ripple price failure to break above the ranging channel resistance at $0.19 opened the Pandora box as sellers pushed the price under $0.18.
- XRP/USD refreshes the bullish strength in a bid to reclaim the channel support and extend the action towards $0.19.
Ripple price traded in a short-term ranging channel since the drop on April 13. The channel resistance at $0.19 made it difficult for the bulls to enact the recovery targeting $0.20. Instead, XRP/USD retreated southwards. A pit stop at $0.1850 gave the buyers false confidence that they had found credible support. The sellers took advantage, extending the bearish leg below $0.18. Moreover, an intraday low has been reached at $0.1763 (on Coinbase) after breaking the channel support.
At the time of writing, Ripple is trading at $0.1792 while fighting tooth and nail to reclaim its position above both the channel support and $0.18 level. It is apparent that a bullish move of this magnitude could boost XRP/USD towards the initial target at $0.19. However, buyers must be aware of the resistance at the 50 Simple Moving Average (SMA) at $0.1850 in the 1-hour range. More resistance is also expected at the 100 SMA currently at $0.18665.
XRP/USD 1-hour chart
Looking at the other technical indicators such as the Relative Strength Index (RSI), we can tell that Ripple is gradually turning bullish. The RSI has just stepped above the oversold, which means that there is plenty of room for growth in the coming sessions.
On the flip side, the recent low at $0.1763 will continue to function as the short term support area. However, if broken, Ripple will see refuge at $0.16; a region that is regarded as a strong buy zone.
Ripple Intraday Key Levels
Spot rate: $0.1794
Percentage change:
Relative change:
Trend: Bullish
Volatility: Expanding
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
- Trusted & Verified Exchange Listings
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
