A look at the Weekly chart for XRP in logarithmic form shows that price is trading at $0.293, within the upper bound of the support area of $0.26-$0.30.
If the support area fails, the next one will be found at $0.14-$0.17.
Price is trading well below the 7 and 21 period moving averages.
The next resistance area is found near $0.5.
The RSI is at exactly 40, indicating neither oversold nor overbought conditions.
Furthermore, the MACD has made a bearish cross and has started falling.
The previous weekly candle was a doji, indicating indecision in the market.
A look at the 3-day chart shows that the price is very close to reaching the minor support area near $27.
Furthermore, the price has made three unsuccessful attempts at breaking the resistance offered by the 7-period MA and is trading below all of the moving averages and the Ichimoku cloud.
While no significant developments are occurring in the RSI, the MACD just rejected a bullish cross and is falling sharply.
A look at the Daily chart solidifies the conclusions from the 3-day one.
Similarly, the price is facing very close resistance from the 7-period MA after multiple unsuccessful attempts at breaking out.
Furthermore, the MACD has just made a bearish cross and started falling.
Price is currently in the process of making a triple bottom and what possibly looks like a cup and handle pattern (bearish continuation pattern).
Short-Term Outlook and Price Prediction
A look at the 4-hour chart shows the current structure that price is trading in.
Since the drop from $0.44 occurred on December 24th, the price has been trading in a descending wedge for the past month and a half.
Currently, the price has fully retraced and is back to $0.29.
There is some bullish divergence occurring in the RSI, contradicting the bearish indicators of medium-long term indicators.
I believe that during this week price will keep falling to the bottom of the support range at $0.26.
- Price is trading within the support area of $0.26-$0.30.
- In the medium-term price is possibly making a triple bottom pattern.
- Price is trading in a short-term descending wedge.
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.|