RippleUSD has been choppy on the H4 and the daily chart. By looking at its price action on those two charts, a trader may get lost. It is easy for traders to find a direction and trade when the market is trending. On the other hand, corrections/consolidations on bigger time frames make traders confused. Today we are going to have a look at the Ripple USD daily chart by zooming out a little to find out whether it gives us a better picture.
The Daily Chart
The price action of the chart suggests that the price is right at an extremely strong level of support. The price bounced at the level five times. The level produced a daily bullish reversal candle last week as well. Thus, the buyers have an upper hand here. Bullish momentum of any sort would attract the buyers to jump into RippleUSD and go long in it. However, they shall consider having a look at the H4 chart, which has an interesting message to convey to the daily traders.
The H4 Chart
The price has been slightly bearish on the H4 chart. It has been obeying a descending equidistant channel and heading towards the resistance level again. The H4 buyers may be interested to go long once the price comes at the support level and produces an H4 bullish reversal candle. Considering the daily support as well as the H4 buying pressure may make RippleUSD very bullish.
The Bottom Line
The H4 chart looks slightly bearish. Since the price is near the support level, the H4 price action might get a bit sluggish. This may attract intraday buyers to push the price towards the North. This is what might work in favor of daily buyers. With this and strong support level, the equations look good for the buyers based on the daily chart. However, they must wait for the right time to come and jump into the ride.