The $0.30 has become heavy resistance zones for Ripple’s XRP bulls to overcome since October 18. Notwithstanding, the market has seen significant volatility after a massive sell-off to $0.23 in late September. The latest bearish actions have brought the market down by -1.42% as more price drops could trigger a reversal soon. However, XRP is still trading below the 2018 low.
Ripple (XRP) Price Analysis: 4H Chart – Bearish
Key resistance levels: $0.299, $0.32
Key support levels: $0.265, $0.23
On the 4-hour chart, Ripple’s XRP has slightly dropped to the lower boundary of the ascending channel which has been forming since September 24. The recent move could lead to a price break-down if the bears stay long in the market. In case of more selling pressure, XRP may encounter support at $0.265 and $0.23.
As we can see on the price chart, the crypto trading signals a bearish divergence on the technical indicators (RSI and MACD) – which shows that a heavy sell-off is coming up sooner than later. In view of that, the XRP bulls may still manage to push the price to $0.299 and $0.32 on the upside. However, the market is looking bullish at the moment.
Ripple (XRP) Price Analysis: Hourly Chart – Neutral
Ripple’s XRP is trading in a wedge pattern on the hourly chart. Looking at the market structure, the price is near the wedge’s support at $0.285 – where a bounce off is likely to occur. The important resistance to watch out for now is $0.30. However, we can see that the chart’s volume is also fading.
This corresponds with the recent bearish swing on the technical MACD and RSI indicators, suggesting that the XRP market is currently down amidst a sideways trend. A further low drive may slip the price to $0.275 and $0.265 on the downside. A significant rise above the $0.30 resistance should keep the market in an uptrend. For now, XRP remains neutral on a short-term.
XRP SELL SIGNAL
Sell Entry: $0.289
Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.