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    Ripple analysis: critical support continues to hold

    By Nathan Batchelor

    17:55, 18 September 2020

    Ripple analysis

    Ripple is gaining traction in the near-term, as the third largest cryptocurrency begins to test above the pivotal $0.25 level.

    Ripple analysis shows that gains above the $0.25 level should encourage the next push higher in the XRP/USD pair, towards the $0.27 area.

    Ripple medium-term price trend

    The recent rally in Bitcoin is lending support to other top altcoins, as traders start to become more bullish towards cryptocurrencies, following the broad based early-month sell-off. 

    Ripple technical analysis shows that 0.263 and the 0.275 levels are the next major resistance barriers bulls need to overcome. 

    The daily time frame shows that the XRP/USD pair will move back inside a rising price channel, if the price moves above $0.263.

    According to technical analysis, the rising price channel is located between the $0.263 and $0.33 levels. 

    Moving back inside the channel would be a positive medium-term development for the XRP/USD pair, and could prompt a test towards the top of the channel.

    Gold

    2,338.21 Price
    +0.240% 1D Chg, %
    Long position overnight fee -0.0192%
    Short position overnight fee 0.0110%
    Overnight fee time 21:00 (UTC)
    Spread 0.40

    ETH/USD

    3,134.29 Price
    -1.430% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 6.00

    US100

    17,711.30 Price
    +0.120% 1D Chg, %
    Long position overnight fee -0.0262%
    Short position overnight fee 0.0040%
    Overnight fee time 21:00 (UTC)
    Spread 7.0

    BTC/USD

    63,851.15 Price
    -1.570% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 21:00 (UTC)
    Spread 106.00

    Traders should note that the XRP/USD pair’s 50-day moving average offers the strongest form of resistance above the $0.263 level, and is found at $0.275. 

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    Ripple short-term price trend

    Ripple technical analysis highlights that the cryptocurrency is bearish over the short-term while the price trades below the $0.28 level. 

    The four-hour time frame shows that a head-and-shoulders pattern has recently been invalidated, following the recent rally above the $0.25 level.

    According to the size of the invalidated head-and-shoulders pattern, the XRP/USD pair could rally towards the $0.275 area.

    Failure to maintain the price above the $0.25 level could see the XRP/USD pair slipping back towards the $0.23 technical region.

    Ripple technical summary

    Ripple technical analysis shows that the recent recovery is gathering pace and may soon reach the $0.275 resistance area.

    Markets in this article

    XRP/USD
    Ripple / USD
    0.53191 USD
    -0.00458 -0.860%

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