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

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