Connect with us

Technical Analysis

XRP Technical Analysis: Price moving within a symmetrical triangle

Tabassum Naiz

Published

 

on

XRP Price Analysis 19

Long-Term Outlook

XRP Weekly

A look at the Weekly chart for XRP shows that price hit support at $0.3 (formed by the highs of August until October 2017 and subsequently lows of August until September 2018) and quickly reversed in the area near to $0.4. Price made a spinning top candle which indicates indecision in the market and is currently trading at $0.37. Price is facing resistance from the 7-period moving average, which has previously made a bearish cross (yellow arrow). The RSI is at 45, indicating neither overbought nor oversold conditions. While the MACD has made a bullish cross (bottom yellow arrow) it is going up with a minimal amount of strength.

READ  XRP price in stop loss hunts

Medium-Term Outlook

XRP med

A look at the 3-day chart shows similar indecision. The RSI is at 45, indicating neither overbought nor oversold conditions. The MACD has made a bullish cross and is going up with minimal strength. However, the 7 and 21 period moving averages have made a bearish cross, and are providing resistance to price. Furthermore, price is facing resistance from the 50-period MA and the Ichimoku cloud.

XRP Daily

A look at the Daily chart for Ripple finally gives us a structure in which price is currently moving in. Price is moving within the confines of a symmetrical triangle with resistance at the area near $0.42 (red line) and support at $0.3 (green line). The MACD is stuck between making and rejecting a bearish cross and it has had minimal strength for the past 7 days. It is certainly a possibility that price only moves within the confines of the triangle for the next 60 days.

READ  NEC, NGO and IDB Lab to develop Blockchain based ID project in Argentina

Short-Term Outlook

XRP 12h

A look at the 12-hour chart gives us more information about price movements. As we can see, the move upward from $0.3 to $0.4 was preceded by significant bullish divergence in the RSI. Furthermore, there was bearish divergence once price touched the resistance line (red line) and promptly reversed.

XRP 2h

Finally, a look at the 2-hour chart provides another trading structure. Price is seemingly moving in a descending triangle (bearish pattern) for the past week. A breakdown of the triangle would put the mini-support area at $0.32 formed by the highs of December 7-17 in play. The yellow solid line is the height of triangle projected from the breakdown point.

READ  XRP/USD Technical Analysis: Price surge coming soon.

Conclusions

  • In a Daily timeframe price is moving within a symmetrical triangle
  • Indicators show indecision in the market
  • In the short-term price is moving in a descending triangle