Ripple Price Action Running Out of Momentum At Key Resistance

Ripple price appears to be running out of momentum in the pairing of this token with the US Dollar. This lack of price decision coincides with the stall of Bitcoin price at the $9000 psychological resistance area.

Ripple price is generally disregarding data published by Center for Responsive Politics on OpenSecrets.com to the effect that the company spent colossal amounts of money lobbying lawmakers and regulators in an attempt to shape the regulation of the blockchain and cryptocurrencies.

Read our Best Trading Ideas for 2020.

Technical Outlook for Ripple Price

Ripple price action has hit a firm resistance at the 0.23428 price level, which is where previous of 30 Oct/12 Nov 2019, as well as price highs of this week, are located. The next target found north of market price is at 0.25038, which is where we see many lows acting in a role reversal, the key ones being on Aug 15 and Oct 23 2019, There is also a previous high at that level, seen on Sept 25, 2019. 

Price action must break the resistance at 0.23428 with two successive candle closes price candles above that level, before traders can expect to see further upticks in price. The resistance at 0.28408 hangs overhead if XRPUSD sees more bullish momentum that will help it overcome the resistance at 0.25038.

On the flip side, failure to break this resistance level could lead to some selling on XRPUSD. This selling action could push down Ripple price action towards the immediate support target at 0.21409. However, such a move would have to contend with the rising support trendline that holds up the lows of price activity from Jan 2 till date. If this move is successful and 0.21409 gives way, then 0.19623 could come into focus, with 0.18303 not lagging far behind. 

Don’t miss a beat! Follow us on Telegram and Twitter.

More content