Ripple price is now trading at the $0.2650 resistance level. There is a major breakout pattern forming and the price could soon make the next move either above $0.26 or decline towards the $0.25 level.
Yesterday, September 16, the price of Ripple (XRP) was in a bearish trend below the 12 and 26-day Exponential Moving Averages (EMAs). On September 14, the bulls were resisted at the $0.26 resistance level and the price dropped to the $0.25 support level. For the past 2 weeks, the bulls have failed to gain momentum above the $0.26 level where the market currently trades.
On the upside, if the bulls gain control of the market, a bounce towards the $0.28, $0.29 and $0.30 resistance levels is likely. On the downside, if the bulls fail to break the $0.26 level, the crypto’ price will decline towards the $0.25 or $0.24 support levels. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, XRPUSD price is in a bullish trend. There is a major breakout pattern forming with support near $0.25 support level. support. If this support level gets weak, a price break-down may result in the market dropping to new monthly lows at $0.23, $0.22 and $0.21 levels.
Conversely, If a break above $0.26 could result in the market climbing higher significantly towards $0.28 or $0.30 levels.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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