Ripple Price Analysis: Intraday chart forms a bearish chart formation
- Ripple trades nearly 2% higher on Tuesday as the crypto market rebounds slightly.
- There is now a bear flag formation on the hourly chart but no break as of yet.
XRP/USD 1-hour chart
Ripple has rebounded somewhat but is not out of the woods just yet. There is a bear flag formation that has formed on the hourly chart below. The price is testing the top of the formation and at the same time rejected the 55 hourly exponential moving average. If the price does move higher then the resistance level of 0.1880 could halt any further gains.
On the downside, the green support level at 0.1820 could be the first target if the bear flag pattern breaks lower. Beyond that, the black support zone at 0.1785 also looks strong as it has been used a few times in the past. Lastly, the relative strength index indicator is slightly mixed. The indicator moved just above the 50 mid-line but is now pointing down after some short term bearishness kicked in.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
