XRP Technical Analysis: Ripple Price Trades Sideways on the Daily Chart
Table of contents
Past Performance of XRP
In the last 24 hours, XRP has traded at $0.3090-$0.3250. The XRP/USD pair is currently trading at $0.3145, slightly below yesterday’s close of $0.3250. XRP started the day positively as it surged to an intraday high of $0.3300 in the early hours of the day. However, the bulls failed to build on this momentum, and the prices started to decline.
The XRP/USD pair is trading close to the 23.6% Fibonacci retracement level of the recent decline from the high of $0.3755 to the low of $0.2975. The MACD indicator is close to the zero line, which indicates that the current momentum is bearish. However, the RSI indicator is in the oversold territory, suggesting that the prices may witness a short-term bounce back.
Source-Tradingview
XRP Technical Analysis
Most technical indicators are currently bullish on XRP. The 100 EMA line is currently above the 200 EMA line, which indicates that the path of least resistance is to the upside. However, the prices have failed to sustain above the $0.3300 level and have started to decline. The MACD indicator is close to the zero line, which indicates that the current momentum is bearish. However, the RSI indicator is in the oversold territory, suggesting that the prices may witness a short-term bounce back.
Upcoming Trend
If XRP manages to sustain above the $0.3300 level, it will likely attempt to move towards the next resistance level of $0.3755. On the other hand, if XRP fails to sustain above the $0.3300 level, it is likely to find support at $0.2975.