Bulls are set to reverse the bearish trend soon and close the daily chart at $0.70
https://ift.tt/PpL56nw
TL;DR Breakdown
- Ripple price analysis is bearish today.
- XRP/USD continued higher overnight.
- XRP/USD is trading at $0.67.
Today, Ripple is in a bearish mood with a solid more significant high established at $0.69. This morning, bulls have finally run out of steam, as indicated by the rejection for additional upside. As a result, Ripple price analysis is bearish today.
XRP/USD has taken out solid resistance at $0.69 and looks poised to continue lower for a retest of December lows near $0.60. The next major support level should be found around $0.50 if the market doesn’t recover over the weekend,
The technical indicators currently favor the bears, as RSI and Stochastics have entered oversold conditions. These indicators will need to turn higher for a bullish decline to be confirmed. If they remain in the over-baned area, downward movement is likely to continue until market participants see fit to take Ripple price analysis in another direction.
Ripple price movement in the last 24 hours: Ripple breaks previous high, finds resistance at $0.69
A minor support level has been found around $0.62, which can serve as a temporary low for today. A bullish reversal would be confirmed if the market breaks back above $0.69 and manages to hold. While this is possible, I’m not expecting it to happen at this stage in the game; however, we’ll have to wait and see.
A bearish outlook will be confirmed if XRP/USD manages to break below the $0.50. Alternatively, a long-term upside reversal would be confirmed with resistance found at $1.00 followed by the all-important psychological round-number level at $1.10.
I expect Ripple price analysis to remain bearish today, with a possible minor double-top pattern formed at $0.62, I am currently looking for short opportunities on the lower timeframes.
XRP/USD 4-hour chart: Technicals are bullish for XRP/USD pair
The 4-hour chart shows that XRP/USD is currently trading at $0.64, below minor support found at $0.55. If Ripple price analysis remains bearish today, I expect a possible continuation of the minor double-top pattern.
Ripple has been trading in a tight range for quite some time. Ripple’s price movement was restricted, with the ultimate high coming at $0.63 and the first low at $0.17. XRP/USD retraced after establishing a higher low, beginning what would become another lengthy slump that saw prices fall to as much as $0.52 before the bulls regained control.
Since February of this year, the double-bottom pattern has been forming with a resistance level at $0.69 and support found near $0.50. A bullish outlook will be confirmed if XRP/USD manages to break above $0.69, which is highly unlikely at this stage in the game.
A bearish outlook is favored at this time, with support expected around $0.55 followed by $0.50. The 100-day moving average currently lies near $0.43 and will likely prevent any further downside unless Bitcoin manages to break below $6k or the buyers completely give up hope.
The MACD indicator looks ready to provide a bullish saucer signal, which should be validated if Stochastics manages to flip higher. Ripple price analysis today should hold this pattern in mind as another potential long opportunity.
Ripple price analysis: Conclusion
Today’s Ripple price analysis is bearish, as we saw a strong surge over the last 24 hours to the next major price milestone at $0.69. After resistance was broken, XRP/USD declined, suggesting an upcoming retracement.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Cryptocurrency
