- Ripple kicks off the weekend trading mundanely; upside capped by both the 50 SMA and the 100 SMA.
- RSI and MACD trend suggest continued sideways trading for Ripple.
Ripple has been very lethargic in its trading this week. A shallow recovery from the minor dip to the main support at $0.25 failed miserably in the attempt to break above $0.26 resistance. The weekend trading also started mundanely. XRP hit a high of $0.2562 from an opening price of $0.2559. An intraday low has been formed at $0.2546 (current market value) following a subtle 0.5% loss.
The price is still dancing below the Simple Moving Averages four days in a row. Both the 50 SMA on the four-hour chart and the 50 SMA form a resistance confluence limiting upward movement at $0.2570.
The technical picture is neither negative nor positive. This has introduced an element of indecision in the market. The Moving Average Convergence Divergence (MACD) is leveling ground just below the mean line (0.000). At the same time, the Relative Strength Index (RSI) is pivotal with minor oscillations around the average (50). The trend of both of these indicators suggests that Ripple will continue with the sideways trading in the coming sessions.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.