- Ripple trades 0.22% lower on Friday as sentiment turns weak.
- The price has converged into a nice channel formation but the low is under threat.
XRP/USD 4-hour chart
Ripple is not looking very bullish today as the price rejected the orange 200 4-hour simple moving average on Friday afternoon. The price is now heading toward the bottom of the channel formation and could even break the blue 55 4-hour exponential moving average.
Away from this, the RSI indicator has also turned bearish with a downward tilt. The indicator was also close to forming a bearish divergence, this is where the indicator makes a lower high when the price makes a higher high but the price fell just shy of making a new high wave.
The volume spiked when the price rejected the 200 SMA and now looks slightly lacklustre. If the price breaks 0.17 then the market will confirm the bearishness a new lower high lower low formation would be created. Overall the pair is still in an uptrend but the momentum looks like its dropping, a break of the channel and 0.17 level would confirm this.
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Additional levels
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