Technical Analysis
XRP Price Analysis: Breakout is Next
- XRP price is up by 1%
- Narrowing trading channel is forming
- Price looks for a breakout
1 Hour XRP/USD price chart
XRP price is trading sideways after registering a 1% gain in the last 24 hours. The price tested $0.30300 resistance several times before a fake break out above $0.30500 occurred. Right after that move XRP price dipped below $0.29500 in another stop loss hunt.
At the moment the price is hovering just below $0.30 price level in the narrowing trading channel. It looks like XRP is looking for a breakout. It is important to wait for the price to either bounce of the support trend line and then open a “long” position or wait for a stop loss hunt above the upper trend line to open a “short” position.
Chart source: Tradingview
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.
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