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Ripple Price (XRPUSD) – Extends Gains to Test Resistance at $0.2400

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Written By: Angeline Feliciano

Jan 29, 2020, 04:00 GMT 04:00

Ripple XRPUSD

Summary:

Ripple price traded higher yesterday as it bounced off support at the rising trend line. Now, XRPUSD is testing resistance at $0.2400. Can it rally?

Trend Line Support on XRPUSD Held

Yesterday, ripple price traded higher. XRPUSD found support at the rising trend line (from connecting the lows of January 26, January 27, and January 28). There was a slight sell-off during the Asian session when ripple price gave up its gains, however, there were enough bids at $0.2330 to push XRPUSD to $0.2400.

As of this writing, the trend line still looks intact. Drawing the Fibonacci retracement tool from yesterday’s low to its intraday swing high, we can see that it now coincides with the 50% Fib level. Reversal candles around the confluence of support around $0.2360, could indicate that ripple price may soon rally to the $0.2500 handle.

Read our Best Trading Ideas for 2020.

Potential Resistance at Previous Highs

However, be warned of a bearish close below the trend line around $0.2340. A look at the 4-hour chart reveals that XRPUSD is also testing resistance at its previous highs. On January 14 and 20, ripple price peaked at $0.2400 handle. A break of trend line support could indicate that there are still enough sellers around this price. It could then mean that XRPUSD may soon fall to its January 25 lows around $0.2175.

Written By: Angeline Feliciano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.