- If the bearish technical indicators maintain their current position, XRP could breakdown further.
- XRP bulls to face acute resistance at $0.3302.
The short-term outlook of Ripple’s XRP 1-hour timeframe chart shows that the asset has been trending higher. This is because XRP opened the week’s trading at $0.3286 and tested the resistance at $0.34 before correcting lower towards the immediate support at $0.32.
A short-term trendline shows that XRP/USD has been trading higher highs and higher lows, although a break has just occurred below the trendline support at $0.3281. The price has also remained range-bound between the upper range limit at $0.31 and the range support level at $0.3163.
Ripple’s XRP is trending lower at the time of press, besides the price is beneath both the 1-hour 50-day Simple Moving Average (SMA) and the 100-day SMA both of which are hindering upward movements as seen on the chart. Moreover, the Relative Strength Index (RSI) is heading for the oversold region after staying clear of the territory since Sunday last week. The slow stochastic oscillator on the same chart is currently in the oversold to show that the price will continue to correct lower in the coming sessions today and even cross over into the weekend trading sessions.
Marginally above the current value at $0.3268, the Confluence Detector tool provided on the FXStreet website shows that the bulls will face acute resistance at $0.3302. However, a correction above this level will remain undeterred until the next strong hurdle around $0.3505. We can expect Ripple’s XRP to hold ground at this level for a few days as the bulls gather the strength to push the price towards. Meanwhile, if the above bearish technical indicators maintain their position and breakdown continues, XRP/USD is likely to find support at $0.3268. If the grip of the bears’ sends the price further to the south, the weak support highlighted at $0.3234 will come in the rescue of the bulls to limit declines below $0.32.
Share
