Ripple Price Analysis:‌ XRP Bullish Momentum Unjustified With Volume Action

  • XRP trading on the Bullish note, while trading inside the rising channel pattern and is currently trading above all the important moving averages.
  • The XRP/BTC pair is trading below all the important moving averages of 20,50,100 and 200-Day, presently trading at 0.000009605 BTC with an intraday loss of -1.39% 
Source:tradingview

XRP price follows the rising channel pattern and is presently trading with bullish momentum. XRP successfully manages to sustain above the important moving averages of 100 and 200 Days, while is facing difficulty to sustain above 20-DMA. The volume over the monthly chart is decreasing over the period, which indicates the less participation of the buyers. The support at a lower level is placed at $0.39 and $0.24, while on the higher side resistance is placed at $0.58 and $0.62. 

Source:tradingview

XRP over the 4-Hour chart is making higher highs and lower bottom sequences which indicates its bullish trend. The coin is trading with the rising support line while heading towards the supply zone of resistance. XRP finds support at $0.39 and $0.36, resistance on the higher side is situated at $0.49 and $0.54. Presently it is trading at $0.4639 with an intraday gain of +1.72%, volume recorded in the last 24-Hour dropped nearly -45.50% standing at $3,268,555,804. Market capitalization stands at $21,129,809,942, with intraday increment of +2.01%. 

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Relative Strength Index (BULLISH) indicates bullish momentum while trading at 56.02. However, it is continuously heading towards the overbought zone after recovering from lower levels. 

Moving Average Convergence Divergence (NEUTRAL) currently indicates a neutral trend on the daily chart, as both the lines of Buyers (green) and Sellers(red) are overlapping each other.

Support levels: $0.39 and $0.24

Resistance levels: $0.58 and $0.62. 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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