- Ripple is trading at $0.3071 following a 0.47% loss on the day.
- Ripple technical analysis points towards sideways trading in the short-term.
The recent widespread bearish correction on the market did not spare Ripple. The intraday charts show Ripple having lost 0.44% of its value following the declines on Thursday and Friday. At press time, Ripple is trading at $0.3071 following a 0.47% loss on the day.
XRP/USD 4-hour chart
The 4-hour chart shows the formation of a triangle pattern which is currently closing at $0.2990 level. However, there is a high chance that the price will make a significant headway past $0.3000 in the event we see an upside correction, Meanwhile, we are likely to see a correction with Ripple sliding back into the support congestion zone between $0.2990 and $0.3000. Similarly, experts on the market believe Ripple will sustain the sideways trading around $0.3000. However, Ripple does have a bullish outlook in the short-term according to Ripple first-quarter report.
The 4-hour chart for XRP/USD, technical analysis show that Ripple is poised for an upside reversal following the support formed at $0.2800. Ripple’s upside is initially capped at $0.3100. The chart also places the second support at $0.3000 and the third at $0.2800.
On the upside, the price will face resistance at the 100 SMA 4-hour at $0.3145 and the 50 SMA 4-hour at $0.3246. The fact that the 50 SMA is above the longer term 100 SMA, shows that the bulls still have a lot of influence on the price which is flirting with $0.3066 amid a building bullish momentum that is building towards $0.3100 (immediate resistance).
According to the RSI, the bullish momentum is likely to correct higher in the short-term. The RSI at 47.0354 is trending sideways after the rejection from the levels around 50.00. The upside will also depend on XRP/USD correction past $0.3100, besides the bulls have eyes on $0.3200 in the near-term.
Ripple XRP Technical Indicators
100 SMA: $0.3244
EMA 200: 0.3220
Support 1: $0.3000
Support 2: $0.2900
Support 3: $0.2784
Resistance 1: $0.3127 (intraday high)
Resistance 2: $0.3200
Resistance 3: $0.3300