As Bitcoin and Ethereum rallied on Sunday and Monday, Ripple only managed to clear a couple of resistance zones including $0.21 and $0.22. A seller congestion zone at $0.2250 became the pivot point. XRP/USD retreated to seek support at the former resistance ($0.21). The ascending channel aided in controlling the impact of the selling pressure.
Consequently, the retreat appears to have been instrumental for Ripple because a reversal ensued sending XRP/USD not only above $0.22 but also past the hurdle at $0.23. While this rally happened, Bitcoin retreated under $11,000 as reported. On the other hand, Ethereum spiraled from the new yearly high at $334 to seek refuge above $310.
XRP/USD 4-hour chart
At the time of writing, Ripple is trading at $0.2385. The price has spiked above the ascending channel. Bulls are working hard to keep the gains sustained towards the next hurdle at $0.24. All indicators point towards a continued rally towards $0.25 because a break past $0.24 seems imminent.
The RSI, for instance has made an entrance into the overbought region, further cementing the buyers’ position in the market. The same is reinforced by the MACD as it digs deeper into the positive territory. Its bullish divergence hint that the path of least resistance is to the north. Moreover, the high volatility emphasize that $0.25 is also within reach.
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 firstname.lastname@example.org