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Technical Analysis

XRP Price Analysis: Weakening Bearish Pressure

Arthur Webb

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on

  • XRP price hike makes new “higher low”
  • Price dipped below support
  • Weakening bearish pressure

1 Hour XRP/USD price chart

XRP price broke above an important psychological level of $0.30 once again. The price failed to go above the previous “higher high” of $0.31050 and “lower high” $0.30700. The recent hike saw the price elevate to levels just below the “lower high” and then retracing back below the support level of $0.30.

However, the price just dipped below that support level trapping some stop loses in the process.  Considering the fact that there is plenty of liquidity above resistance now. MACD indicator also suggests weakening bearish pressure so it is highly likely for XRP price to rise above recent highs.

Chart source: Tradingview

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