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Technical Analysis

XRP Price Analysis. Breaks Resistance, Gains 7%

Arthur Webb

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  • XRP price is up by 7%
  • Several Stop Loss hunts occurred
  • Looks to retest resistance

1 Hour XRP/USD price chart

XRP recovered from a recent price drop by gaining around 7% in the last 24 hours. The price first broke an important $0.30 resistance and then went as high as $0.31550. However, that move printed high tail candlestick on one hour chart with a price immediately retracing back below $0.31 price level, suggesting that it was a stop loss hunt above 31 cents price mark.

XRP/USD  since then tapped into liquidity just below support hitting some long stop loss positions in the process. XRP price now seems to consolidate at $0.29500 zone with a possible retest of resistance looking more likely. MACD registering bullish crossover will be an important signal for the bulls in the short term.

Chart source: Tradingview

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