Ripple’s XRP Surges to Meet Key Resistance Area, Can it Continue Higher?
Ripple’s XRP started the week surging above the range it had formed from $0.29 to $0.31.
It continued past resistance at $0.35 and currently trades around $0.38.
$0.39 to $0.4 is the next important area to monitor, being an area of significant trading activity in the past and also being at a key psychological point for traders.
The intraday high of today’s trading was around $0.395 but has since reversed with buyers likely meeting significant selling pressure at $0.4.
This also corresponds with Bitcoin price approaching $4000 and reversing.
Conditions, however, are markedly more bullish with buyer momentum increasing.
The daily RSI and MACD, both measures of momentum, have been increasing.
The hourly chart shows XRP starting to reverse after entering the $0.39 to $0.4 area.
XRP has started to reverse already a number of times this week but has continued its increase each time.
The key pattern to monitor to gauge whether XRP can continue its increase is how it performs on the next rise.
If the next increase halts before $0.39, a lower high will be formed and a reversal from here will be significantly more likely.
- XRP surges this week and enters a significant area of liquidity between $0.39 and $0.4.
- Price has since started to reverse, but momentum remains on the side of buyers with the daily MACD and RSI both increasing.
- Key chart pattern to monitor is whether XRP forms a lower high on its next price increase.
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