Ripple price looks forward to a lift towards $0.20 on breaking a short term descending channel resistance.
XRP/USD could contain the price above $0.18 for the near term before recovery to $0.20 comes into the picture.
Ripple has been on a downward roll since the rejection from $0.2150 at the beginning of June. There have been missions to save investors from more declines but sellers seem to be getting their way all time. The latest attempt to keep the price above culminated in the price diving even farther down to $0.1785 (intraday low).
A weak recovery is currently underway with the price having stepped above $0.18. XRP/USD is trading at $0.1807 at the time of doing this analysis. On the upside, the cryptocurrency is battling the resistance at a short term channel.
More bullish action is expected if Ripple managed to clear the channel resistance. Other hurdles towards $0.20 include $0.1850 (previous week support), $0.19 (previous pivotal point), and $0.1950 (frequent resistance area).
XRP/USD daily chart
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XRP/USD price chart by TradingviewFrom a technical point of view, Ripple is most likely to settle for consolidation in the near term. The Relative Strength Index (RSI) is moving sideways at 37 following a shallow recovery from the oversold territory.
If this indicator holds onto the sidelong movement, buyers will have an opportunity to keep the price above $0.18 and reenergize for another run-up to $0.20. In other words, the hope for gains above $0.20 is not lost, at least for now.
On the bright side, the MACD bullish divergence and movement towards the mean line (0.00) shows that buyers are coming back to the market and this time, they are not likely to stop at $0.1850 but could push above $0.19.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com