Ripple price is rising and it is trading near the $0.23 resistance level. A break above this level is likely to push the XRPUSD higher.
Last week, the price of Ripple (XRP) was in a range-bound move between $0.21 and $0.23 level. However, the bulls attempted to break above the $0.23 resistance during the weekend but they failed.
At the moment, Ripple price is consolidating gains below the $0.23 resistance level. Besides, there is a major breakout pattern forming with support near $0.22 level on the 4-hours chart.
On the upside, if the bulls intensify their effort, the coin will face resistance at the $0.24 price level. Above this level, the bulls are likely to target a test of the $0.26 resistance in the days ahead.
On the downside, if the bulls fail to break the said resistance level, the crypto’ price will continue its range-bound move between the levels of $0.21 and $0.23. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, XRPUSD price is in a bullish trend above the $0.2240 support level. As long as there is no close below $0.2240, there are high chances of a strong upward move above the $0.2320 and $0.2350 levels. On the other hand, if there is a downside break below $0.2240, the price could correct substantially and it might test the $0.2180 level.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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