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Ripple breaks 2 month resistance …

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Ripple XRP: Well That Was Easy! We Broke $0.505 Resistance Quickly But Will $0.79 Be Just As Easy?

Ripple breaks 2 month resistance ...

Ripple breaks 2-month resistance but never confirms the trend
CONTENT

  • XRP Bullish Breakout of 2-Month Resistance.

  • The price is trading inside a parallel upward channel.

  • XRP / BTC has formed a double bottom.

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Since the beginning of September, the XRP rate has been trading in the range of $ 0.23- $ 0.26, only on September 19, it briefly went beyond the support area.

The day before, the Ripple project cryptocurrency (XRP) rate finally managed to close the daily candle above this range, around $ 0.265. The next day, the price tried to continue its growth and reached $ 0.28, but then began to roll back, leaving at the time of writing to $ 0.27.

If XRP nevertheless resumes its growth, the nearest area of ​​resistance will meet the currency around $ 0.295.

Ripple breaks 2 month resistance ...

XRPUSD chart. Source: TradingView

Technical indicators on the daily chart are giving bullish signals but do not yet confirm a bullish trend.

The RSI and MACD are both growing, with the first index above 50 and the second above zero. The slope of this growth remains small, and the Stochastic Oscillator has not yet formed a bullish crossover.

Another close of daily trading above the aforementioned resistance area could signal XRP’s readiness to continue to rise towards $ 0.29.

XRPUSD chart. Source: TradingView

What’s next

On the shorter 4-hour chart, you can see that the price has been trading within a parallel upward channel since September 24.

Price movements that are contained within the parallel channel are generally corrective. This could mean that Ripple’s current rally is more corrective rather than the beginning of an uptrend..

A bullish breakout from this channel will neutralize this scenario and could push the price up to the $ 0.295 resistance area mentioned above.

XRPUSD chart. Source: TradingView

XRP / BTC

Cryptocurrency trader @ gordongekko369 has shared an XRP / BTC chart with readers showing that the price is in a downtrend. However, he believes that soon this trend will reverse and XRP / BTC will begin to grow..

Source: Twitter

Ripple breaks 2 month resistance ...

The XRP / BTC chart shows that the price has been declining vigorously since the beginning of October, having lost almost 30% of its value during this time..

This decline temporarily stalled and the pair formed a double bottom around 1565 Satoshi. This is generally considered a bullish reversal pattern. In addition, this pattern is supported by bullish divergence signals on the RSI. This increases the chances of price reversal..

In this case, the nearest area of ​​resistance will meet bulls in the 1880-1980 Satoshi area.

However, the absence of horizontal support does not allow us to predict a reversal with full confidence..

XRPBTC chart. Source: TradingView

Read the latest Bitcoin forecast here.

Disclaimer: Trading cryptocurrencies carries a high level of risk and is not suitable for all investors. The opinions expressed in this forecast do not reflect the opinions of the editorial staff of BeInCrypto.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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