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Technical Analysis

XRP price in stop loss hunts

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  • XRP price trades in a horizontal channel
  • The resistance is $0.26150
  • MACD just registered bullish crossover

1 Hour XRP/USD price chart

XRP price formed a horizontal trading channel and is at the moment trading sideways. There was a stop loss hunt for long positions yesterday when price moved down as low as $0.22500. Considering the fact that MACD indicated a bullish crossover on a 1-hour trading chart there is a good chance that price will now test resistance at $0.2500 or even $0.2600.

In case of an increase of trading volumes and price movement up on high momentum, XRP can set a new resistance above current levels otherwise, expect price retracement back into consolidation area with future tests of support lines as part of the current stop-loss hunt.

Chart source: Tradingview

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