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Technical Analysis

XRP continues consolidation before an uptrend?

Arthur Webb

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XRP continues consolidation before future uptrend?

  • Ripple’s XRP price today is consolidating between $0.26750 and $0.27375
  • 24 hours price change – XRP/USD is up by around 0.50%
  • XRP needs to pass the liquidity area between $0.278. and $0.285 for bulls to take control.

XRP has established new support at the level of previous resistance today which is $0.26750. Currently, trading volume is just below the Moving Average. Thus we do not expect any major increase or decrease in price at the moment unless a significant volume spike occurs.

If bulls to take control of the market, the first area of liquidity which is set between $0.278 and $0.285 will need to be passed first. Alternatively, if the price breaks the current support level it may go down as low as $0.2600 and establish new support at this level.

All main technical indicators including 4-hour Relative Strength Index (RSI), MACD and  Exponential Moving Average are either neutral or slightly favoring the bulls at the moment.

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Some candlesticks formations, including low tail candlestick that previously hit support level, may suggest mounting buyer pressure and possible attempt to begin an uptrend.

Disclaimer: Markets, instruments and advices on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. Ripplecoinnews does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. Investing in Cryptocurrencies involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

 

READ  Ripple (XRP) Drop in a Necessary Correction, Coin Metrics Bombshell

 

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Arthur Webb: passionate about how technology can empower people to create a more just and sustainable world.

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