XRP/USD slightly up-trending market lacks strength

Fibo Quantum

  • Ripple is lethargic below the descending trendline resistance.
  • The current mundane trading is making it difficult to foresee possible future movements.

Ripple has remained relatively unchanged over the last few days. The upside has become a no-go zone with resistance impenetrable resistance barriers. A lower high pattern has been the norm under the visible descending resistance.

Meanwhile, the four-hour chart shows XRP/USD trading below the simple moving averages where both the 50 SMA and the 100 SMA are limiting movements at $0.2570 and 0.2583 respectively.

A sideways trend is the most likely movement at the moment, although a broader look at the chart, reveals a gradually upward sloping trend above the main bullish trendline. Technical indicators like the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) show the lack of power to force action to the upside. The MACD is lethargic in the negative region while the RSI is dragging its recovery around the average.

The most visible support area is $0.250 while the primary support lies at $0.2400. At the moment, it is difficult to tell where this directionless trend is heading. Therefore, traders must be on the lookout for possible breakouts either side.

XRP/USD 4-hour chart