- Summary:
- Ripple price held steady above $0.2300 yesterday. It looks like it's priming for a move higher. Can it sustain a rally to $0.2500?
Remember ripple price testing support at the trend line on the daily time frame yesterday? As it turned out, there were enough buyers in the market to keep XRPUSD above the $0.2300 handle.
On the hourly time frame today, we can see that the cryptocurrency is on a short-term uptrend. This is evidenced by the rising trend line that becomes apparent when you connect the recent lows on ripple price. Drawing the Fibonacci retracement tool from yesterday’s low to today’s high, we can also see a confluence of support around $0.2318 where the 38.2% Fib level and the trend line coincide. If support at that level does not hold, the next floor could be around $0.2280 where XRPUSD could find the 200 SMA. Reversal candles around this area could mean that ripple price may soon head to its January 18 highs around $0.2500. On the other hand, a strong bearish close below $0.2280 could mean that XRPUSD may soon fall to its January 24 low at $0.2130.
On the other hand, if buyers dominate today’s trading, we may not see any pullback on ripple price. A close above the $0.2400 handle would leave $0.2500 as the next resistance level.
Read our Best Trading Ideas for 2020.