For the past trading week, ripple price has been slowly inching up the charts. The daily time frame would show that candlesticks on XRPUSD have gotten much smaller as it creeps up to resistance at the $0.2000 handle. Could this be a sign that sellers are bracing to push ripple price lower?
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Zooming into the 1-hour time frame, we can see that the short-term uptrend on the cryptocurrency is still intact. This is evidenced by the fact that ripple price is still trading within the rising channel that forms when you connect the highs and lows of April 23 to April 27. Yesterday’s low at $0.1943 is a critical support level. It marks the bottom of the rising channel and a strong close below it could invalidate the uptrend. Consequently, it may mean that XRPUSD could be headed to its April 23 lows at $0.1855.
On the other hand, reversal candlesticks around the bottom of the channel would indicate that ripple price is still on an uptrend. Near-term resistance would be at the top of the channel at $0.2006. If there are enough buyers in the market, XRPUSD may even go as high up as $0.256 where it topped on April 7.