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Technical Analysis

XRP price is trading sideways

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  • XRP price gained 0.5% in 24 hours
  • Price consolidation in the area of $0.268 – $0.281
  • Possible stop-loss hunts at the resistance levels

1 Hour XRP/USD price chart

XRP is trading sideways after hitting support at $0.26800 several times. The price went down as much as $0.2650o but formed a low tail candlestick and retraced back into consolidation zone, suggesting that it was merely a stop loss hunt for long positions below the current support line. It is very much possible that stop-loss hunts will occur at the other end of the consolidation zone too, hitting resistance lines at $0.281 and $0.288.

Chart source: Tradingview

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