Ripple market update: XRP/USD struggling with trendline resistance under $0.27
|- Ripple price is narrowing towards $0.25 support level amid developing selling activity.
- The relatively positive technical picture suggests the ability to defend short-term support areas as movement north remain largely limited.
Ripple price action has leaned positively to the upside in the last few days. However, the margin of growth remains limited with the trendline resistance capping movements to the upside. After the failed attempt to rise above $0.27 resistance over the weekend, XRP is forming a lower low pattern. Impressively, the charts show a 1% increase in value after pushing the price from an opening of $0.2588 to the current market value at $0.2612.
Also limiting the immediate upside is the 100 Simple Moving Average (SMA) 4-hour. At the same time, the 50 SMA 4-hour is offering short-term support at $0.2588. It is apparent that a break above the resistance trendline will ignite movement towards $0.28 in preparation for an attack on $0.30.
Studying the technical levels, XRP is poised for upward motion. However, traders should not expect rapid movement in the short-term. The minor correction is currently supported by the Relative Strength Index above the average. In addition, the Moving Average Convergence Divergence is holding ground above the mean line (0.000). Glancing lower, support is expected at $0.25 and $0.24 respectively.
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.