- The current trend is turning bearish and Ripple could close the week in the red.
- The Relative Strength Index (RSI) is in a downward direction after being rejected from the overbought.
The cryptocurrency market is waking up again following a few days of low activity. As the new month sets in, Ripple is supported by great news following the groundbreaking listing on Coinbase with full support on its iOS and Android platforms.
The bullish trend towards last week zoomed above $0.34 but failed to break the previous week’s high at $0.35. XRP/USD embarked on a downward slope below $0.31 and formed a low at $0.3050 on Wednesday. There has been a correction to the upside with the 23.6% Fib retracement level between the last swing high of $0.3476 and a low of $0.2984 working as an important support.
At the moment, XRP/USD is trading at $0.3211 and trending higher 1.31% on the day. The crypto has tested the resistance at $0.3250. Looking at the technical levels the current trend is turning bearish and Ripple could close the week in the red. The Relative Strength Index (RSI) is in a downward direction after being rejected from the overbought. Moreover, the slow stochastic oscillator is sloping downwards as well.
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.