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Technical Analysis

XRP Price Analysis: Possible Trend Reversal




Ripple’s New Partnership with AML Solution Provider Might Let XRP Compliant with FAFT AML Rules
  • XRP bounced off $0.18 support
  • Possible Trend Reversal
  • Price needs to close above $0.205

XRP/USD 1 Day trading chart

After suffering some serious loses it looks like XRP price has stabilized and there are some indicators that we may witness price reversal pretty soon. First of all, the price bounced off the support of $0.18 and started trading sideways.

It still is trading within the falling wedge formation, but the channel is narrowing, suggesting that the price may break upwards soon. RSI indicator confirms possible trend reversal as its clear that XRP was recently oversold. Furthermore, MACD indicator shows weakening bearish pressure and we might see bullish crossover printed on a chart soon. If the price breaks upwards and firmly closes above $0.205 on one-day price chart, bulls may finally have something to cheer about.

Chart source: Tradingview

Image source: Flickr

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

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