Technical Analysis

XRP/USD price pattern is narrowing further

Published

5 years ago

September 11, 2019

Arthur Webb

XRP is down by 2.30% against US dollar
Oscillators are neutral/bullish
New support at $0.25300. Previous support at $0.2600 is new resistance

1 Hour XRP/USD price chart

XRP failed to move up on bullish pressure and as a result, bears managed to get the price down by another 2.3% against the US dollar. The support level at $0.2600 was broken and the price is now down to $0.25300, which can be considered new support. Resistance is now at $0.2600.

The pattern on the chart clearly demonstrates that XRP price is now in the narrowing trading channel, so we can expect a breakout soon. The question remains will it an uptrend or further downfall? Long term technical indicators, such as MACD and RSI are suggesting slight bullish momentum, meaning that XRP can be considered oversold at the moment. However, growing frustration amongst XRP community with Ripple company dumping XRP may potentially trigger higher volumes of the cryptocurrency to be offloaded, thus encouraging further downtrend.

Chart source: Tradingview

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