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Technical Analysis

XRP/USD price is showing signs of mounting buying pressure

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  • Ripple’s XRP/USD price is trading sideways after a major downtrend.
  • 1 Hour MACD indicator is bullish.
  • The current support is at $0.247. Immediate resistance is $0.258

1-Hour XRP/USD Price chart

shows xrp price

Recent downtrend which saw XRP/USD price decreased by around 5%. Ripple native currency has consolidated and is trading sideways. XRP managed to move away from the support line of $0.247 and even tried to establish an uptrend hitting $0.263 in the process. However, immediate retracement followed and the price has now consolidated just below current resistance of $0.258.

Bullish pressure is clearly visible on one and one-day hour charts with resistance being tested several times already. If it is broken XRP will face new resistance levels at $0.260 and $0.265. In the case of the price decrease, XRP may go down to $0.245 or lower. However, this scenario is less likely in the short term as technical indicators (1hour and 1-day MACD and RSI indexes) are suggesting XRP is oversold at the moment.

Chart source: Tradingview

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