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Ripple Technical Analysis Shows a Possible Bullish Momentum

Ripple Technical Analysis Shows a Possible Bullish Momentum

The XRP price has shown bullish interventions from the last week after a strong impulsive bearish pressure. There was a nice bullish move above the $0.2150 & $0.2180 resistance levels against the US Dollar.  Here is the In the Ripple Technical Analysis

28 November 2019 | AtoZ Markets – The current Ripple price position indicates more gains above $0.2250 area and the price tested the $0.2300 resistance area and forms a swing high at $0.2326 level. The daily candle closed above $0.2200, but there is a potential resistance at $0.2300 area in the hourly chart which can be also considered as an important psychological level. Currently, the price is correcting below the $0.2300 level. 

XRPUSD Technical Analysis

On the H4 chart, the price is moving below the 20 Exponential Moving Average while the RSI is just rebounding from the potential 30 level. Moreover, the MACD is moving to the neutral zone from the bearish territory. All these three indicators are pointing to a possible bullish movement in the H4 chart.

Ripple technical Analaysis

On the daily chart, the recent rebound from the 0.2000 with a daily bearish rejection is a clear indication of upcoming bullish possibilities in the XRP/ US Dollar chart. Like H4, MACD and RSI are also pointing a rebound from the recent bearish sentiment. The RSI rebounded from 30 and currently at the 39 areas while the MACD is pointing to the bullish zone. 

Any Bearish Possibility in Ripple Technical Analysis?

However, price broke the 23.6% Fib retracement level of the recent rise from the $0.2130 low to $0.2326 high. On the downside, there are many supports near the $0.2200-$0.2230 area. Therefore, break below the $0.2200 level may push the price back into a bearish zone. In that case, the next level to look at is  $0.2130 and $0.2100 area.

 

On the upside, the current sentiment expected to be bullish as long as the price is above $0.2200 area. Therefore, the price could test the $0.2350 resistance before moving further upside. Any daily close above $0. 2350 will push the price more upside with the target of $0.2400 and $0.2450. 

Conclusion

As of the current observation, the ripple price is at key support area of $0.2300 to $0.2250. The current sentiment expected to remain bullish until there is any daily close below $0.2200 key support. In that case, traders should find intraday bullish trade setups with appropriate candle formation from any bearish rejection between $0.2300 to $0.2200 area. Moreover, if there is any bullish daily close above $0.2350 traders should wait for some correction to join the possible bullish momentum. 

 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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