Ripple’s XRP Price analysis: XRP/USD trims gains within a falling channel
|- Ripple is in the red, although buying entries are increasing.
- Technical indicators are positive; bulls are gaining traction.
The majority of the assets in the market are swimming in the sea of red waters. Ripple’s XRP has not been spared with losses dominating the market since Tuesday. Prior to the drop, XRP had made considerable gains in the wake of the losses on Sunday last week. From the support at $0.3140, the asset tested $0.3240 before getting stuck in the confines of the falling channel.
The declines within the channel have had Ripple’s XRP trade lower lows and lower highs to the extent of retesting the support at $0.3140. Presently, XRP is attempting to make a reversal from the above-mentioned support. It is exchanging at $0.3161 and is likely to push the gains above the 50-day 15-minutes Simple Moving Average (SMA).
The technical indicators are currently sending bullish signals. For instance, the Relative Strength Index (RSI) has recovered above the 50% mark. The indicator has been able to stay above the oversold region since the drop last Sunday. On the other hand, the Moving Average Convergence Divergence (MACD) is making headway and could soon cross into the positive territory. Buying entries continue to increase and XRP could eventually correct above the channel resistance and the supply zones at $0.3250 and $0.3350.
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