Home Daily Analysis Crypto Market sentiment Ripple: Is an Upside Breakout on the Cards?

Ripple: Is an Upside Breakout on the Cards?

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Ripple has been moving within a range on the daily chart. The daily chart shows that the price is approaching the resistance, and the price action suggests that it might make an upside breakout. This level, however, seems to be a very strong resistance where the price had rejections several times. Let us have a look at the daily RippleUSD chart.

The Daily Chart

The chart shows that the level of 0.4600 was held by the price five times altogether, and it had rejections right from that level three times. The price came down to 0.3675 and then headed towards the North again. After the last rejection, the price seems to have had a correction. This is what might make the H4 traders interested to go long from here. That might eventually help the price make a daily breakout at the resistance of the daily range. Let us have a look at the H4-RippleUSD chart.

The H4 Chart

The H4 chart shows that it is about to produce a double bottom where the support the level is 0.4185 and the neckline level is 0.4370. The neckline level has not been breached yet, though. If the neckline level is exceeded, then the price has to have a correction. Afterwards, an H4 bullish engulfing candle needs to be formed at the breakout level closing above the highest high of the current wave to attract the buyers to go long.

The Bottom Line

The H4 XRPUSD traders are going to be very keen to get an upside breakout, correction and a signal candle to push the price towards the North. The daily RippleUSD traders do not have any option but to wait for the price to make a breakout. At the moment, it seems that the H4 traders hold the key. If things go accordingly as far as the current H4 price action is concerned, then there is a strong possibility that the daily breakout on XRPUSD will take place towards the upside.

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