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Technical Analysis

XRP Price Fails to Break Resistance

Arthur Webb

Last updated

 

on

  • XRP failed to close above $0.23
  • Possible Trend Reversal
  • $0.22750 support is tested

XRP/USD 1 Hour Trading Chart

XRP price failed to sustain an uptrend and close firmly above $0.23 level. After the retracement, the price is hovering around the support of $0.22750. In case we see a breakdown through that support, expect the price to test $0.22500. MACD indicator suggests mounting bearish pressure so it is not a good idea to open any long positions at the moment.

The return of the bulls to the market would most likely see XRP close firmly above 23 cents. The next big milestone for the bulls is a $0.24 cent mark, which is a key resistance area which if broken can signal a start of a price hike.

Chart source: Tradingview

Image source: Flickr

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Arthur Webb: passionate about how technology can empower people to create a more just and sustainable world.