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Technical Analysis

XRP Price Analysis Shows Bullish Signals

Arthur Webb

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Ripple Embraces UK FCA Framework, Says Clear Regulations is Must
  • XRP price drops by 7%
  • Consolidation around $0.27
  • Key resistance is $028750

1 Hour XRP/USD price chart

XRP price suffered a dramatic decrease by 7 % and is now trading at $0.27 price mark. Price first fell out of the ascending trading channel as a result of increased bearish pressure XRP/USD price then broke out below the support on high volume and high momentum losing 7% of its value in 24 hours.

At some point, the price went down as low as $0.25, however, price did not hold that level and crawled back up to $0.27$ leaving low tail candlestick on the one-hour trading chart. Coupled with bullish crossover on MACD indicator that can be a signal of increasing demand and falling supply. If the price rests for a while and continues its consolidation in the current price zone, we are more likely to witness breakout above $0.28750 resistance line.

Chart source: Tradingview

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