Technical Analysis

XRP price on a verge of a breakout

Last updated

5 years ago

September 11, 2019

Arthur Webb

XRP price is trading sideways in the channel
1 Day MACD indicator is still bullish
The important resistance level is $0.26500

1 Hour XRP/USD price chart

XRP price gained just over 1% against USD in the last 24 hours. Currently, the price is trading sideways in the channel between a lower low of $0.25650 and a higher high of $0.26700. If price continues trading within the current consolidation range, it may to hit resistance level at around $0.26450 and support at $0.26000 before a breakout occurs. It is yet to be seen if the price can establish new resistance above $0.26500 without retracing back. It failed so far on previous occasions and thus the above-mentioned level of the resistance remains an important barrier for bulls.

Both 1 Hour and 1 Day MACD indicators are suggesting that XRP may be oversold at the moment, so there is a higher possibility of an uptrend rather than a substantial price fall.

Chart source: Tradingview

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