Ripple (XRP) is trading in a range for the past 24 hours. That is why many traders are trying to figure out whether it can break the spectrum or not. We will look into the ripple price analysis today to find out whether it can cut this range on the higher side or not.
Can Ripple (XRP) move above $ .30? – Ripple (XRP) technical price analysis February 7, 2019
The resistance on the upper side, however, is around $ .30. It is a technical resistance as well as psychological resistance. That is why, if you’re planning to gauge the momentum in ripple (XRP), it is essential to let it go past $ .30. Only when it goes past $ .30, can it rise any higher. On the lower side, there is strong support at around $ .29. It seems like two days range is about 3% while it might look like a narrow range, but in the past 24 hours, it has not moved beyond this range.
It seems as the range will however be only broken once there is more movement in the cryptocurrency market. Currently, Bitcoin (BTC) is also trading with just a gain of 0.1%. It is trading around $ 3412. It indicates that Ripple (XRP) is not the only mainstream cryptocurrency which is trading in a lackluster fashion. Both of these cryptocurrencies impact the market. That is why, as long as they are trading flat, not much action can be anticipated in the cryptocurrency markets. It is a good idea to wait for the range to breakout decisively before taking a call. You can use additional indicators to confirm the breakout as well.
Thus, if you’re looking to trade ripple (XRP), it is a good idea to wait for the breakout of this range and use additional triggers to confirm the breakout.