XRP/USD technical analysis: Market crawls along at $0.317 with no significant movements

0

XRP/USD daily chart

  • XRP/USD opened at $0.317 this Saturday.
  • This Friday’s session crept above the long-running downward trending line.
  • Short-term resistance lies at $0.321 which the bulls need to breach to maintain upward momentum.
  • The moving average convergence/divergence (MACD) shows that the market has very low volatility and momentum.

XRP/USD 4-hour chart

  • The 4-hour XRP/USD chart had a bullish breakout from the green cloud of the Ichimoku indicator.
  • The market is currently consolidating in a flag formation as it gets ready for a possible breakout.
  • The Elliot wave oscillator has shown bullish behavior in the last five sessions.

XRP/USD hourly chart

  • The hourly XRP/USD market has been trending above the 20-day simple moving average (SMA 20), SMA 50, and SMA 200.
  • The last two sessions found support at the SMA 20 curve, keeping the market in the upper half of the 20-day Bollinger band.

Key Levels

  • Resistance 3: $0.3275
  • Resistance 2: $0.3239
  • Resistance 1: $0.3206
  • Pivot Point: $0.3170
  • Support 1: $0.3136
  • Support 2: $0.3100
  • Support 3: $0.3067

 

Get the 5 most predictable currency pairs

About Author

Comments are closed.