- 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
Disclaimer: Markets, instruments, and advice on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. Ripplecoinnews does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. Investing in Cryptocurrencies involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses, and costs associated with investing, including total loss of principal, are your responsibility.
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