Long-Term Outlook

XRP Weekly Chart – Source: Tradingview.com

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

XRP Daily Chart – Source: Tradingview.com

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.

Short-Term Outlook

XRP 12-Hour Chart – Source: Tradingview.com

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.

XRP 2-Hour Chart – Source: Tradingview.com

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

Conclusions:

  • 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:

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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