Technical Analysis

XRP price breaks crucial resistance once again

Published

5 years ago

September 17, 2019

Arthur Webb

XRP/USD price gains 1% over in 24 hours
The resistance level at $0.26500 is tested
1 hour MACD indicator is bullish

1 Day XRP/USD price chart

After trading horizontally since the weekend XRP price yet again went above the resistance level of $0.26500. Can that resistance become new support is yet to be seen. High-tail candlestick that finished the bullish momentum move does indeed look bearish and may suggest that price will simply retrace back into consolidation zone between $0.25800 and $0.26500. MACD indicator on one-hour price chart is suggesting though that bulls may still push the price higher in an attempt to finally move away from the $0.26500 in the upward direction.

XRP price really needs to consolidate at the current level and then move upwards for the market to move into bullish territory. Fall in demand would definitely increase the chances of downtrend down to levels $0.25500 in the short term.

Chart source: Tradingview

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