XRP price was experiencing a thin price action movement for the past few days and traders were looking for a breakout. It seems the bulls have been rewarded as the currency trades well above the current psychological level of $0.200.
- XRP price touches $0.21381 high due to broader bullish crypto outlook
- Ripple XRP price has broken the key $0.20 psychological mark
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In fact, the bulls have pushed the price to touch a day’s high of $0.21381. With a volume of 162.297 million, the XRP price looks set to soon touch the next psychological level of $0.25 – a price point where bulls will breathe a sigh of relief.
XRP price confidently trades above $0.20 psychological mark
Technically, the price is trading near the two vital moving averages i.e. 200 and 55 day moving average. Both these moving averages are presently well below the price and will most likely serve as a good support level in case the market pulls back. Alex Clay mentions that the ascending channel in the price points upward movement.
On the contrary, the price can slide to new lows in case the trendline at $0.20 level gets broken by abrupt selling. Technically, some indicators have started pointing towards the overbought territory. The ‘Relative Strength indicator’ on the 4-hour chart shows that price is entering the overbought territory and some pull is warranted. In case the pullback happens and it is deeper than expected, traders should look for 0.1750 support levels as a suitable downside.
Bulls are firmly in charge as XRP price looks set to move higher
The 61.8% Fibo retracement level will be the first support level. The $0.1789 will provide the next support as it houses the 50-day simple moving average and also marks the lows of the previous day.
As pointed out by David Smith, despite the bullish wave sweeping across the crypto realm, XRP has relatively muted but nonetheless bullish movement. Price seems to be nearing the summit of the symmetrical triangle. Sellers can gain traction due to a broader market bearish outlook or in case the price breaks down the $0.20 psychological mark. For now, all traders are eyeing higher price levels since the bulls seem firmly in charge.
Disclaimer: The information provided is not trading advice but informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.