Ripple price analysis: XRP/USD reacts to double-top pattern; uptrend slows down
|- Ripple price slight recovery facing critical hurdles amid falling trading volumes.
- The 50SMA (15’ chart) at $0.3268 and the 100SMA (same chart) at $0.3250 are vital support zones.
Ripple price retracted higher over the weekend (Saturday) and came close to $0.3320. However, the trend turned bearish again but the declines that followed were stopped above $0.32 support. The buyers made entry at this position pulling the price back up above the 61.8% Fib retracement level with the previous swing high of $0.3316 and a low of $0.3193. The bulls lost grip again on failing to clear the resistance at $0.330.
The bear corrections this time broke past $0.320 support while heading to $0.310, the crypto formed a low at $0.3193. Ripple has been trading higher highs an higher lows besides clearing the moving average resistance (both the 100SMA and the 50SMA) close to $0.3228 paved the way for a sharp ascent above the 61.8% resistance (broken support) at $0.3269.
Ripple has formed a double top pattern at $0.331. It is also making lower corrections in reaction to the pattern. XRP/USD is setting in a short-term bullish flag pattern support at $0.3280. The price is likely to continue moving down, for now. The MACD is in the positive territory but heading south sharply. The immediate resistance is at $0.33 while the key resistance is at $0.332 (marginally above the double top pattern).
On the downside, if the bull flag pattern gives in to the rising selling pressure; there is a support line at the 61.8% Fib level. The 50SMA (15’ chart) at $0.3268 and the 100SMA (same chart) at $0.3250 will also offer support.
Ripple is the third largest crypto project in the industry with a market capitalization $13 billion. The slight recovery keeps hitting significant hurdles leading to a series of lower corrections. The trading volumes have plunged considerably in the last few days from $244 million on August 24 to $189 million at the time of writing.
XRP/USD 15-minutes chart
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