Ripple price is extremely bearish and is currently struggling to stay above $0.26 level. Will the downward trend continue? Gain insight into the following technical analysis.
Ripple Price Technical Prediction
Yesterday, August 15, the price of Ripple (XRP) was in a bearish trend below the 12 and 26-day Exponential Moving Averages (EMAs). The bears pulled the price of Ripple down from $0.28 level to $0.24 level. A few hours later, it bounced back to $0.26 and then corrected down.
In the meantime, Ripple price is in a consolidation mode trading at the $0.26 level and this is an indication that buyers and sellers are indecisive. On the upside, if the bulls break above the EMAs, the coin will face resistance at the $0.28, $0.29 and $0.30 price levels.
On the downside, if the bulls fail to break the EMAs, the price will recede towards the $0.25 support level. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
XRPUSD Price Short-term Prediction
On the 1-hour chart, XRPUSD price is in a bearish trend. The 12 and 26-day EMAs were trending horizontally but are now pointing southward. Today, the price of XRPUSD price is falling, if the bearish trend continues, the market could establish a new 2019 low at $0.22 and below. In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $0.28, $0.29 and $0.30
- Support Levels: $0.25, $0.24, $0.22
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.