Ripple has now risen above key resistance at 0.58 and recently converted this area into support. This fact, along with the fact that it has made a higher high, seems to be a sign that XRP wants to continue rising for the foreseeable future. Let’s look at the graphs.
What is XRP like?
First we clarify the most important areas. These are best seen on the weekly XRP chart, where each candle represents 7 days. This allows us to identify important price levels up to and including April 2018.
As you can see, there are three zones that often influence the course. The $0.30 level is still far away and we can ignore it for now. XRP is currently moving between the $0.58 (support) and $0.90 (resistance) zones.
After overcoming the $0.58 barrier, XRP made a small push higher, but has been back at that level for a while now. This may seem negative, but it is not. It is actually positive to see previous resistance turning into support. This suggests that buyers are now placing orders where sellers used to sell.
Comments on zones
Since then, the coin has risen slightly, but not as much as we were used to when XRP plummeted in previous times. To analyze this better, let’s also look at the daily chart. Here each candle represents 24 hours, which gives us a good idea of the reactions between these zones.
One thing stands out in this chart: Ripple has never managed to close with a daily candle below the previous low. This is a very positive sign and is expected to continue until a lower low is reached. So the expectation is positive.
Has the upward trend started?
Additionally, Ripple appears to be making a higher low on the 1-hour chart, with each candle representing 60 minutes. This comes after a higher high, making it likely that the coin will start an uptrend in the near term.
However, it looks like XRP is making a higher low here. In addition, the coin may sink a little initially. As you can see, the price dropped a little deeper into the zone last time. Therefore, a rise in this zone would still be considered a higher low.
Overall the coin looks good. XRP just broke the resistance. This then turned into support and the uptrend now appears to be starting. We hope we are not surprised by any negative news as the charts look very positive.
Source: BTCDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
