On the 4-hour chart, Ripple (XRP) has turned down from the overhead resistance at $0.2879. The bulls made two unsuccessful attempts at the overhead resistance without a breakthrough. On each occasion, the price falls to $0.26 low or below the 12-day EMA and the 26-day EMA. XRP appears to lack buying power at higher levels.
More so, the bulls could not sustain an upward move. Nonetheless, if the current support holds, a retest at the overhead resistance is possible. A successful breakout at $0.2879 will make the price to rally above $0.31. On the downside, the selling pressure will resume if the current support fails to hold. The initial fall will reach a low of $0.25. However, the selling pressure will continue to a low of $0.23, if the bullish trend line is broken.
XRP targets the resistance at $0.31
On the daily chart, the resistance at $0.24 has been a stumbling block for the bulls. In its upward move, the bulls were first resisted at $0.24 on January 19, and the coin fell to the low of $0.22. Impressively, XRP rebounded at the low of $0.22 and broke the resistance at $0.24. The bulls pick up momentum as the price reaches a high of $0.2879, which was a resistance level.
The upward move was hindered as the bulls were resisted at the recent high. At the moment, Ripple is on a downward movement; if the coin finds support, the upward move is likely to continue. On the upside, if the price breaks the current resistance, the market will rally above $0.31. The bulls have been testing the resistance at $0.31 and have not been able to break it since July 2019.
Ripple (XRP) Market Cap: $11,865,577,620
Trading Volume: $2,114,508,546
Key Levels to Watch
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
-The Stochastic Indicator:
Ripple is above 80% range of the stochastic indicator. More so, the stochastic bands are making a U-turn pointing downward. This indicates that Ripple has been trading in the overbought region of the daily stochastic. Ripple is falling because there are no buyers to push the coin upward. Sellers are generated in the overbought region to push the coin downward.
– The Relative Strength Index (RSI) Indicator:–
The pair has fallen to the level 42 of the Relative Strength Index period 14. XRP is also overbought, but the price has fallen to the downtrend zone. It is now below the centerline 50, which indicates that the coin tends to fall. Currently, the price is below the EMAs, which also indicates that the coin may fall.
XRP/USD Bitfinex 4-Hour Chart
XRP/USD Bitfinex 1-Day Chart
Charts via Tradingview