XRP/USD technical analysis: We are about to see if XRP has run out of momentum

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  • XRP/USD has broken the trendline to the downside but the price is still in a technical uptrend.
  • The 0.2821 support level is a strong one and has held firm in the past.

 

XRP/USD has been one of the darlings of the crypto market over the last few weeks rising 9.42% since 24th September.

The 0.3000 resistance level is proving to be a tough nut to crack for the bulls and if the XRP/USD is to push higher it needs to break the psychological level,

The relative strength index (RSI) is showing signs of a momentum drop off as the price made high highs the indicator made lower highs. 

At the moment, on the four-hour chart, the candlesticks are showing signs of indecision as they are forming Doji candles. 

Also, the trendline broke lower on 20th October. This proved to be a false break as the XRP/USD price moved back above the trendline.

Subsequently, the price broke back below and is now retesting the trendline which could indicate there might be a move lower on the cards.

For now, the main resistance is 0.3038 and the key support lies at 0.2821.

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