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Technical Analysis

XRP price analysis: Falling Wedge Formation

Arthur Webb

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  • XRP is looking to restest $0.30
  • Falling Wedge Formation
  • Growing bullish pressure

15 Minute XRP/USD price chart

After recent highs, XRP price retraced back into consolidation below the $0.30 price mark. There seems to be key support at $0.29300. Below those levels, XRP price can look for more liquidity and trap additional stop losses. MACD indicator is slightly bearish at the moment while the price continues to test support levels below $0.29750.

It is well worth to note that XRP/USD price looks to be forming a falling wedge formation on a 15-minute trading chart. Such formation is generally considered bullish and precedes breakout above the resistance levels. A bullish crossover on MACD indicator and 5x higher than average trading volumes should be a confirmation signal that price is breaking out upwards.

Chart source: Tradingview

READ  Technical analysis XRP/USD - 29/08/2017

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