Ripple price has traced is under bearish pressure after correcting gains from the $0.29 resistance level. Will the downtrend continue?
Ripple Price Technical Prediction
Yesterday, August 19, the price of Ripple (XRP) was in a bearish trend zone while trading below the 12 and 26-day Exponential Moving Averages (EMAs). On August 15, Ripple price initially traded at the $0.25 level and later rose to the $0.26 price level. On August 16, XRP price dropped slightly back to the $0.25 level. However, on August 18, the market rose sharply to the resistance level of $0.29.
Today, August 20, the price of Ripple has declined and is trading at the $0.27 level. In the meantime, XRP is forming a new symmetrical triangle as seen in the chart and this is an indication of a breakout. On the downside, if the bulls fail to break the EMAs, the price will drop below the levels of $0.26, $0.25 and $0.24. On the upside, we can expect the bulls to retest resistance at the $0.29 price level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line while below the zero line which indicates a sell signal.
XRPUSD Price Short-term Analysis
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 is falling, if the bearish trend continues, the market will decline to the low of $0.26 level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $0.28, $0.29, $0.30
- Support Levels: $0.26, $0.25, $0.24
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.