A look at the Weekly XRP chart shows that price hit support at the $0.3 area quickly rallied upward to $0.4.
Price made a spinning top candle which indicates indecision in the market and followed that with a bearish engulfing candle. Price is currently trading at $0.33.
It is facing resistance from the 7-period moving average which coincides with the small resistance area and has previously made a bearish cross (yellow arrow).
The RSI is at 40, indicating neither overbought nor oversold conditions.
The MACD has lost all of its power, and its stuck between making a bearish and bullish cross.
Medium-Term Outlook and Price Prediction
A look at the Daily chart for Ripple shows that price is close to the support line of the symmetrical triangle at $0.3 (green line).
The MACD has made a bearish cross and is falling down, however with decreasing strength. Also, the Chaikin oscillator got rejected at 0 without turning positive (A bearish sign).
There is a strong possibility that price only moves within the confines of the triangle for the next 48 days.
XRP Price Prediction: Therefore, I believe that price will touch the support line start and rally to resistance at $0.4 again during this or the next week.
This is in line with last weeks XRP outlook and prediction.
The 12-hour chart gives us more information about price movements.
Price reversed after touching the resistance line at $0.44.
The RSI is almost oversold, trading at 30.
Furthermore, the MACD has been falling with less power and seems to be close to making a bullish cross. There is no divergence of any kind yet.
Finally, a look at the 2-hour chart gives us another trading structure.
Price broke down from the descending triangle it was trading in for the past two weeks and fell to the mini-support area formed by the highs of December 7-17.
This move is consistent with the analysis given in last weeks short-term outlook
- In the Long-Term price is moving within a symmetrical triangle.
- Indicators are slightly bearish.
- In the Short-Term price broke down from a descending triangle.
Latest Ripple News:
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