XRP: Pullback in Uptrend
Ripple (XRP) technical analysis:
Trade setup: Following a brief period of consolidation in a Bullish Flag pattern, price broke out in the direction of existing Uptrend and reached our target of $0.55 resistance, where it got rejected. Pullback could be a swing entry opportunity but we’re waiting to see where the price finds support. Nearest horizontal support zone is around $0.45, then $0.40, which also lines up with Fibonacci retracement levels (potential support areas) of $0.44 (61.8%) and $0.40 (50%). The $0.40 level also lines up with 200-day moving average and could therefore be a more robust support area.
Trend: Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $0.45 (previous resistance), then $0.40. The nearest Resistance Zone is $0.55, then $0.60.
Trade setup: Following a brief period of consolidation in a Bullish Flag pattern, price broke out in the direction of existing Uptrend and reached our target of $0.55 resistance, where it got rejected. Pullback could be a swing entry opportunity but we’re waiting to see where the price finds support. Nearest horizontal support zone is around $0.45, then $0.40, which also lines up with Fibonacci retracement levels (potential support areas) of $0.44 (61.8%) and $0.40 (50%). The $0.40 level also lines up with 200-day moving average and could therefore be a more robust support area.
Trend: Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $0.45 (previous resistance), then $0.40. The nearest Resistance Zone is $0.55, then $0.60.
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