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Technical Analysis

XRP price technical analysis: Liquidity at resistance levels

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  • XRP price is down by 0.8% in the last 24 hours
  • Price to test support at $0.24500
  • Liquidity zone above the resistance is still untapped

1 Hour XRP/USD price chart

Ripple coin XRP continues its sideways movement in search of support. XRP price is expected to test support between $0.24500 and $0.2400 levels in the short term. On the other side, immediate resistance is at $0.26320. Descending trading channel on one hour chart suggests that XRP may continue its downward movement for a while trying to bounce off support at $0.24150. After that, an upward move may initiate the beginning of a genuine uptrend. Alternatively, fake breakouts will occur with stop-loss hunts at the current resistance levels between $0.25150 and $0.26320. XRP price may get as high as $0.3400 in search of stops loss hunts for short positions as liquidity area above that price is untapped at the moment.

1 day XRP/USD price chart

On the other hand, we already witnessed fake downward breakout and stop-loss hunt at the support line. The move happened on above the average volume and printed long-tail candlestick in the process. This may serve as another indicator for the upcoming upward price movement towards the resistance at $0.34.

Chart source: Tradingview


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