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Technical Analysis

XRP price retraces and enters consolidation

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  • XRP price retraces back by 6%
  • Price consolidation in the area of $0.29 – $0.30
  • Several important resistance levels on a chart

4 Hour XRP/USD price chart

After high momentum up move when XRP price got as high as $0328 it has now retraced back by 6% and is trading in the area of $0.29 – $0.30. Price is expected to trade horizontally at these levels while trying to reach the resistance at $0.35. It is well worth to note that the price did not go above the previous higher high at $0.3220 or $0.3400, so it looks like it was not a stop loss hunt but rather a phase of an uptrend.

Price would need to test higher highs, mentioned above, first and pass those on high momentum before the next resistance at $0.40 can be targeted by the bulls. Major indicators including most moving averages and several oscillators suggest that demand is still there thus we can expect the price to increase further in the short term.

Chart source: Tradingview

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