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Technical Analysis

XRP/USD price is in narrowing trading channel

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  • XRP price is down by 0.8%
  • Narrowing trading channel formes
  • The support is $0.23600.

1 Hour XRP/USD price chart

XRP price movements clearly demonstrate a narrowing trading channel. The current support line is at $0.23600, future support is at the line of $0.23400. The resistance line is at $0.24350, with possible future resistance of $0.24650.  If the price remains inside the channel it is expected to touch support at around $0.23700-$0.23800 levels and subsequently not move higher then $0.24300. Once those levels are reached and tested price will most likely move on high volume and high momentum.

Long term oscillators like MACD and RSI are either showing decreasing bearish pressure or remain neutral at the moment. There are several long-tail candlesticks on a daily trading chart suggesting a possible trend reversal. One was formed on the 14th of August on a higher than average trading volume. A more recent one was printed on the 24th of September. It may be an indicator of price moving upwards from the current channel rather than decrease further.

 

Chart source: Tradingview

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