Ripple market update: XRP/USD still struggling with acute trendline resistance


  • The descending trendline across August and September is a hard nut to crack resulting in a lower high pattern.
  • The constriction Bollinger Band is likely to give in to declines towards $0.24 calling for alertness among traders.

Ripple’s bearish action is far from taking a breather. The week’s third day of trading has commenced in declines as well. From an opening price of $0.2585, XRP/USD explored lows around $0.2568. Although the cryptoasset touched highs of $0.2609, its upside is still acutely capped by the majestic sellers’ grip.

Moreover, the descending trendline spanning across two is a hard nut to crack. The price ends up making a lower high on brushing shoulders with the trendline. Also limiting the movements are the simple moving averages; the 100 SMA 4-hour and the 50 SMA 4-hour. XRP/USD is in the lower curve of the Bollinger Band 1-hour with the lower curve serving as an immediate support. The strongest and most viable support is seen at $0.25.

A break above the falling triangle could eventually propel XRP above $0.28 and $0.28 resistances. A step above $0.30 will ensure that XRP is back in the positive zone. However, the ranging Moving Average Convergence Divergence (MACD) suggests that sideways trading will continue to run its course. A gradual slope with the Relative Strength Index also signals that the bears have control and the momentum south is bound to increase in the near-term.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

The reason why BTC/USD dropped $500 in less than one minute

Bitcoin has now basically transformed the previous $10k resistance level into $12k. The first flash crash happened on August 2 with Bitcoin peaking at $12,123 and dropping to $10,518 in minutes. 

More Bitcoin News

XRP/USD is having a tough time staying above $0.30 as selling pressure keeps mounting

Since the initial pullback on August 7, XRP has struggled heavily to go back above $0.30. Just hours ago, XRP bulls finally managed to push the digital asset above $0.30 just before another crash towards $0.285.

More Ripple News

ETC/USD storms towards $7.20 after symmetrical triangle breakout

The pullback in Ethereum Classic (ETC/USD) from $6.8844 appears to have gathered steam this Sunday, as the coin sees a rapid rise to the intraday highs above $7.15. The coin charts symmetrical triangle ...

More Ethereum Classic News

ETH/USD tackles $400 building on weekend stability

Ethereum price brushed shoulders with $400 on Monday after a stable weekend session where the token contained price action above $380.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC hit the pause button before a decisive breakthrough

Bitcoin lived through a wild roller-coaster move during the previous weekend. The coin hit the new 2020 high above $12,000 and crashed to $10,500 in a matter of hours. 

Read the weekly forecast

BTC

ETH

XRP