Ripple market update: XRP/USD slightly up-trending market lacks strength
|- 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
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.