- Ripple price support areas in grave danger if triangle support gives in the prevailing selling pressure.
- Ripple short-term technical picture has a strong bearish bias.
Ripple (XRP) investors should strap their belts tightly on readiness for a bumpy rollercoaster ride. Sustained movements above the resistance at $0.2550 have been very scarce. Also pressing down on the price movement is the 100 Moving Average on the one-hour chart.
A broader look at the chart reveals a market that has been trending upwards although gradually. However, the prominent pattern is the lower highs pattern experienced from Sunday last week. An ongoing bearish correction risk setting off the trigger if XRP steps below the forming symmetrical triangle support.
XRP/USD 1-hour chart
The technical levels applied to the chart also paint a negative picture. The Stochastic RSI retreated into the oversold levels. The signal is right at the bottom of the scale (0.00) signifying the increasing selling pressure on the market.
On the contrary, the Moving Average Convergence Divergence (MACD) has ignored the downtrend on Friday. Its recovery uptrend stalled at the mean line (0.0) but it has maintained a positive divergence. If this trend continues, Ripple could avert the impending triangle breakdown.
Several support areas will come in handy to cushion XRP from the potential breakdown. The initial support area is $0.2500. Extended declines will seek refuge above the major support at $0.24. On the upside, Ripple needs to rise against all odds to clear the resistance at $0.2550. Trading above the triangle resistance will place XRP in a trajectory to attack the targets at $0.28 and $0.33 respectively.
Ripple Key Technical Analysis
Spot rate: $0.2532
Relative Change: -001799
Trend: Generally bearish
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