The Ripple XRP cryptocurrency and medium of exchange for enterprise solutions entered a correction phase after the bulls forced a price close above the June resistance [$1.100]. As a result, short selling has been profitable for the bears on the intraday time frames.
Let’s move on to analyze the 4HR time frame for insights into possible scenarios that could return control to the bulls, or a persisting bearish price decline.
The above 4HR chart shows the XRPUSDT price slump by about 22% after signaling a hidden bearish divergence on 15 Sep 20:00.
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A counter regular bullish divergence pattern 21 Sep 20:00 brought the price plunge to a halt, after which the XRPUSDT trades within a descending triangle price range.
The current descending triangle chart pattern shows that we should expect a price break above or below the upper or lower bound of the descending triangle.
Significantly, a price break below the.8858 support and beyond the 0.8582, emphasizes bearish dominance, while a break above the 0.9818 resistance shows bullish takeover.
Ripple XRP Intraday Levels
- Spot rate: 0.9394
- Mid–Term Trend [H4]: Descending Triangle [Bearish]
- Volatility: Low
- Support: $0.8858 and $0.8582
- Resistance: $0.9598, $0.9818, $1.017, and $1.13
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