A look at the Weekly chart for XRP shows that the price is trading at $0.31 facing very close resistance from the 20 and 40-period Moving Averages.
It is trading slightly above the $0.3 support area and has been doing so for the past two months.
The next support area can be found near $0.15, while the closest resistance area is found near $0.45.
The RSI is at 423 indicating neither overbought nor oversold conditions.
On a more positive note, the MACD has made a bullish cross and is moving upward with strength, but is not positive yet.
A look at the 3-day chart shows that the price has moved above the resistance line that has been in place since April 2018. It is also facing very close resistance from the 40-period moving average
Right above, there is a resistance area near $0.4.
The MACD has made a bullish cross and is moving upward, but is not positive yet.
A look at the Daily chart shows that the price has been trading inside a symmetrical triangle for the past 50 days.
The support line has been validated six times.
If the price breaks out of the resistance near $0.34 and the Ichimoku cloud a rapid increase could be expected.
However, a breakdown below the support line seems to have occurred on March 21. It is worth noting that this is a decrease experienced in the entire market; therefore it would be good to wait for further confirmation.
Short-Term Outlook and Price Prediction
A look at the 6-hour chart shows that price has been closely following the support line outlined in the Daily chart, until the Mar 21 breakdown.
Furthermore, it has made two unsuccessful attempts at breaking out above $0.35 before returning to the support line.
Finally, the price is trading below the 40 and 100 -period moving averages.
I believe that price will soon move back above the support line and continue its upward movement.
- The price broke down below the short-term support.
- It is trading below the short-term moving averages.
- There is resistance near $0.45.
- There is support near $0.3.