Home Daily Analysis Crypto Market sentiment RippleUSD: Next Breakout towards the North or South?

RippleUSD: Next Breakout towards the North or South?

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RippleUSD has been within a range on the daily chart. The price has been heading towards the support level after having a rejection from a level of resistance. Price action on the daily chart suggests that neither the buyers nor the sellers are sanguine. A breakout is needed to bring back momentum on RippleUSD.

Let us have a look at the daily-RippleUSD chart.

The Daily Chart

The level of 0.3400 is the level where the price had a rejection. The price has been heading towards the level of 0.2935. This is the level where the price reacted several times on the daily chart. This is a support zone for the weekly as well as the Monthly chart. Thus, a breakout at this level may attract the sellers to go short on RippleUSD. On the other hand, the level has a strong potential to be held as a support level. If the level is held as a level of support, then the price might end up producing a double bottom. A double bottom around this support zone will surely attract the buyers to go long on RippleUSD. Meanwhile, traders must wait for the price to make its next move.

Let’s flip over to the H4 chart to see what that indicates.

The H4 Chart

The H4 chart suggests that the price has been biased with the bear. The price had a bounce from the level of 0.3020. The bearish momentum does not look that good as well. These might hold the sellers back from selling RippleUSD as far as the H4 chart is concerned.

The Bottom Line

Considering the H4 and the daily chart, it can be said that traders are waiting for the price to give them a direction to go with. At the moment, it is all about being observant. Traders must deal with the current situation with patience.

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