Bullish? Ripple Price Technical Analysis (XRP/USD) Thursday, January 31, 2019

Summary
During yesterday trading session, Ripple price reported an increase above $ 0.34 after having a crossing of EMA 9/26 moving averages with a strong volume. Just what many traders want to see before entering an operation.

Although from the fundamental level there was no news that really was the reason, Ripple decided to excel among the other Altcoins generating important benefits for short-term trading (scalping).

Key Highlights

  • The XRP breaks strongly after the crossing of moving averages
  • There was a profit taking in the $ 0.34
  • After the pullback the price is trying to go up

Analyzing the XRP/USD chart, we can observe the pullback movement that the XRP had. At this time the bulls are struggling to keep the XRP above the $ 0.30 support without a bearish cross.

The RSI (relative strength index) remains above 50% while the purchase volume continues to be important, this indicates that there is a strong likelihood of a new upward movement by XRP.

Author’s note: From my point of view, if there is a break above $ 0.32 with high volume, it would be an interesting entry with a target at $ 0.35.

We can use the Donchian channel to measure the strength of the market, although in an easier way the market volume will indicate if we can increase the target of the operation in case the XRP has a bullish rally.

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (relative strength index) 43%
  • Support $ 0.30
  • Resistance $ 0.35

 

Disclaimer
This analysis is personal and should be used as an information medium; it does not pretend to be an investment advice. Investing in cryptocurrencies is highly risky; avoid investing the money that you cannot afford to lose.