Ripple recently turned volatile while residing below the $0.236 resistance level. Ripple to stand strong above $0.22 support areas? What are the charts and technical indicators are saying? Read on to find further insights into today’s XRP/USD Technical Analysis.
September 11, 2020, | AtoZ Markets – XRP/USD bulls have remained in charge of the market for the second consecutive day after the value ascends from $0.230 area. Ripple is currently trading around $0.233 area and trying to recover higher. After a fake bullish breakout above $0.236 area, the bears pushed the price down and broke below the dynamic level of 20 EMA on the intraday chart. As per the current price action, XRP/USD may face strong resistance around $0.236 area in the coming days.
Ripple May Stand Strong as Investors Are Optimistic
Ripple is currently residing near $0.233 area and trying to climb higher. However, the bears still holding the bearish pressure below $236 resistance level with a daily close.
Image: Ripple 4 Hour Chart
According to the 4-hour chart, Ripple to stand strong and currently trading around $0.233 area. As per the current price action, if the price can have a 4-hour bearish candle close below $0.236 area, the bears may push the price down towards $0.22 area in the coming days. Alternatively, if the price breaks above $0.236 area with an impulsive bullish candle close, the bulls may recover higher towards $0.25 area in the days ahead.
In addition, the dynamic level of 20 EMA is currently residing above the price, which may act as strong resistance in the process. Also, if the price can break above the dynamic level of 20 EMA, the bulls may regain momentum. Besides, the MACD lines are currently residing below 0.00 level, which indicates bears are still in the market.
XRP Bulls May Regain Momentum
According to the daily chart, Ripple to stand strong as the bulls had a strong bullish candle close above $0.22 support area. As per the current price action, if the price can break above $0.236 area with an impulsive bullish candle close, the bulls may strike higher towards $0.30 area as a first target. The second target will be $0.33 area if the price breaks above $0.30 area in the days ahead.
Image: Ripple Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing above the price. It may pull the price upside as a mean reversion. Moreover, the Stochastic Oscillator lines are currently residing near the oversold level 20 and had a bullish intersection. It indicates that bulls may regain momentum in the coming days.
To conclude, after retracing more than sixty percent of the recent bullish trend, Ripple showing bullish pressure above $0.22 area. A daily close is required to identify the definite momentum in the days ahead.