Price is facing very close resistance from the 7-period moving average and is also below the Ichimoku cloud.
Furthermore, the RSI is at 42, indicating neither overbought nor oversold conditions. Similarly to the price, there has been almost no movement in the MACD which has stayed constant for the past month.
A look at the Daily chart for XRP shows that price is moving in a symmetrical triangle and has been doing so for the past four months.
Furthermore, the price is close to the support line and the lower bound of the Bollinger bands, indicating a possible reversal.
There is no divergence of any kind in the MACD or RSI, but the MACD is close to making a bullish cross.
If price reverses, the next resistance area would be at $0.4.
Short-Term Outlook and Price Prediction
A look at the 4-hour chart gives more information about where price might be heading in the short-term.
After breaking down from the descending triangle (dashed line) price fell all the way to the small support area at $0.32.
Currently, the price is developing bullish divergence in both the RSI and the MACD.
Therefore, I believe that price will move to $0.34 in the next few days and eventually in the medium-term move up to the main resistance area at $0.4
- Price is near the support area at $0.3.
- Price is moving in a symmetrical triangle.
- There is a short-term bullish divergence in the RSI and the MACD.
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