Technical Analysis

XRP price technical analysis. Horizontal trading channel

Published

5 years ago

September 28, 2019

Arthur Webb

XRP price trades sideways
Stop-loss hunts continue
Key support is $0.22800. Key resistance is $0.25100

1 Hour XRP/USD price chart

The horizontal trading channel has formed and XRP price continues to hit both stop losses for short and long positions. The price is yet to re-test the current level of resistance at $0.25100. If XRP price breaks that barrier on good volume and high momentum it is expected to test the next resistance level at $0.2600.

Alternatively, XRP price can test support levels $0.23400 and $0.2300 in a continuing search for stop losses at the bottom of the trading channel as well as at the resistance.

Several long term oscillators, including one-week MACD and RSI indicate falling bearish interest, so there is a possibility of a price upward movement in the near future.

Chart source: Tradingview

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