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Technical Analysis

Trend reversal for XRP price?

Arthur Webb

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RippleNet
  • Upcoming trend reversal
  • Key Support $0.25
  • Key Resistance $0.285

1 Day XRP/USD price chart

XRP price continues its trend within the falling wedge formation. The very important price level is $0.25 where the trend line may cross the support line. If the price bounces off this support we can expect a trend reversal and future gains with the price heading towards $0.285 resistance level. In case, XRP price falls below $0.25 cents further loses are expected.

The price may break upwards from the falling wedge formation before it tests $0.25 support too. In that case, it will still require a firm close above $0.285 for bulls to take full control. There is weakening bearish pressure according to 1-day MACD indicator, but its best to wait for bullish crossover to establish any long positions.


Chart source: Tradingview

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Disclaimer: Markets, instruments, and advice 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.

 


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

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