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Technical Analysis

XRP/USD Technical Analysis: $0.265 is a new resistance

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xrp price
  • Ripple’s XRP price is trading after a major downtrend, down by around 5%
  • 1D MACD indicator is showing bullish pressure
  • The current support is at $0.247. The current resistance is $0.265

1 hour XRP/USD price chart

The level of support at $0.265 was broken on high momentum yesterday and XRP lost around 5% of its value. At the moment XRP/USD pair is trading sideways. Current support at $0.247 was tested several times with immediate pullback back into the consolidation area. During those tests several low tail candlesticks were formed on a chart, suggesting weakening bearish pressure.

Current MACD indicators on one hour and 15-minute charts also suggest that demand for cryptocoin is rising. If bears will not apply more pressure in the short term it is very likely that we could soon see an upward price spike, at least to a zone of previous support of $0.265 which currently a new resistance.

Chart source: Tradingview

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