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Technical Analysis

XRP Price In Falling Wedge Formation

Arthur Webb




ripple xrp price ta analysis
  • Falling wedge formation
  • Key Support Levels are $0.25300 $0.25
  • Key Resistance $0.285

1 Hour XRP/USD price chart

XRP Price lost its few days gains and dropped by 1.5% more. The price is clearly moving within the falling wedge formation which generally is regarded as a bullish and trend reversal should follow. It is important to monitor how the price will behave when and if it reaches key support levels of $0253 and possibly even $0.25. If XRP price prints low tail candlestick and immediately bounces off any of those support levels on high momentum back into the consolidation zone, it would most likely be a good signal for the trend reversal. However, if we see the price close below those levels further losses are expected.

READ  Technical Analysis XRP/USD 08/08/2018

On the other side, XRP price still needs to get as high as $0.285 and close above that resistance for the market to become truly bullish.

Chart source: Tradingview

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.

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

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