XRP showing signs of breakout: $0.60 next target following MoneyGram news

18 Jun, 2019
by Lourens Pepler
Price Analysis
XRP showing signs of breakout: $0.60 next target following MoneyGram news

Bitcoin looks like it wants to move sideways for a day or two and this could provide altcoins an opportunity to rise. Ripple's XRP is looking interesting today, with some positive news released lately with the $50 million partnership with MoneyGram, and some possible signs of a coming breakout. This is XRP’s price analysis for 18 June 2019.

Highlights:

- XRP held 61% retracement level

- 4 hour RSI bullish

- Target of $0.60

Starting off with a 4 hour chart and straight away plotting our favorite tool on the chart, the Fib tool, we are able to see that XRP is continuing its bullishness phase, by not retracing deeper than 61% of its initial impulse wave.

During a bull run it is preferred to put your buys in between the 50% and 61% Fib retracements, to secure a good entry for the next impulse wave. In this case XRP provided buying opportunities 3 times when it retraced into the buy box this past month.

XRP/USD chart provided by Tradingview

Taking a look at RSI, we can see that since leaving the buy box, momentum is trading within the 60s after a strong uptrend. RSI is now bouncing between 70 and 60, telling us that more buying power would lead to a breakout, since we are against resistance on price.

XRP/USD chart provided by Tradingview

Looking back to price and again using the Fib tool, we are able to see the possible future expansion levels for XRP. Our first minor target is at $0.52, the 127% Fib line. Usually in a bull run, price expands to the 127% with ease and takes a small breather there, before it moves onto the important fib level, the 161%. A rise to here would bring XRP to our target of $0.60.

XRP/USD chart provided by Tradingview

Lastly, taking a look at the hourly chart for support levels to watch, we can see that we have support near current price at $0.43, and below that we have $0.41. Since RSI on the 4 hour is in the 60s, we believe XRP will have a hard time going below $0.43 now.

XRP/USD chart provided by Tradingview

Can XRP finally break out from this sideways action and continue its bull run, or will Bitcoin surprise us and continue higher, causing some further delay to the altcoins rise? Let us know what you think in the comments below!

Disclaimer: Keep in mind this not investment or trading advice, just the opinion of our analysts. As always, do your own research, make your own decisions.

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