Today, it looks like the buyers have found interest in Ripple (XRP/USD) again, as the crypto popped above its short-term tentative downside resistance line taken from the high of June 2nd. Given that XRP/USD had been on a gradual decline from around the beginning of May, today’s upmove gives the bulls a breath of fresh air. For now, we will take a somewhat positive approach, as we would still like to see a push above one of its key resistance barriers, at 0.1818, in order to get a bit more comfortable with higher areas.
If, eventually, we do see a strong move above the 0.1818 hurdle, which is marked near the high of June 25th, this would also place the price above the 100 EMA on the 4-hour chart, what could be seen as a positive as well. That’s when Ripple may end up traveling to the 0.1847 obstacle, or even the 0.1884 territory, marked by the highs of June 26th and 23rd respectively. If the buying doesn’t stop there, the next possible resistance might be seen near the 0.1927 level, which is marked by an intraday swing high of June 17th.
Looking at our short-term momentum studies, we notice that the RSI and the MACD are both pointing higher. In addition to that, the RSI is above 50 and the MACD has just jumped above zero, while continuing to balance above its trigger line. The two indicators are showing an increase in the upside speed of the price, which comes inline with the idea discussed above.
Alternatively, if the price suddenly falls back below the aforementioned downside line and slides below the 0.1743 hurdle, marked by today’s current low, that may spook the bulls from the field. This way, the crypto could fall even further, possibly declining to the current lowest point of July, at 0.1700, a break of which would confirm a forthcoming lower low and open the door to some further declines. That’s when we will aim for the 0.1657 level, which is the lowest point of April.
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