- Ripple consolidates the bounce from Saturday’s sell-off.
- A stack of resistance levels caps the upside with bearish RSI.
- 0.3254 is the level to beat for a bullish reversal in XRP/USD.
Having seen a sharp correction from a seven-month high of 0.3466 on Saturday, Ripple (XRP/USD) is making recovery attempts in a bid to regain the 0.32 handle this Sunday. The third-most traded cryptocurrency fell as low as 0.2942 after the sellers took control below a break of the 0.33 level. Despite the renewed uptick, the coin is down over 6% in the last 24 hours while enjoying a market capitalization of about $ 13.76 billion.
Short-term technical outlook
As observed in the hourly chart, the price wavers within a rising channel following the meltdown overnight, charting a potential bearish flag pattern. The bearish continuation pattern will get validated should the spot yield an hourly close below the rising trend line support at 0.3036.
The selling pressure will intensify below the latter, opening floors for a retest of the key support area around 0.2976-0.2942, the confluence of the upward sloping 200-hourly Simple Moving Average (HMA) and Saturday’s low. A failure to resist the said demand zone, the pattern target at 0.2820 will be on the sellers’ radar. The hourly Relative Strength Index (RSI) trades below the mid-line and points lower, suggesting that there is further scope to the downside.
Alternatively, the bulls need to take out the immediate resistance located between 0.3185-0.3200 (intersection of 21, 100-HMAs and rising channel resistance) in order to regain the bearish 50-HMA at 0.3254 to confirm a bullish reversal.
All in all, the path of least resistance appears to the downside amid a bearish pattern formation and a cluster of strong upside barriers stacked up for the bulls to clear. At the press time, XRP/USD rises 1.65% to trade around the 0.3125 region.
XRP/USD 1-hour chart
XRP/USD key levels to consider
|Today last price||0.3121|
|Today Daily Change||0.0044|
|Today Daily Change %||1.43|
|Today daily open||0.3074|
|Previous Daily High||0.3467|
|Previous Daily Low||0.2943|
|Previous Weekly High||0.3395|
|Previous Weekly Low||0.2672|
|Previous Monthly High||0.254|
|Previous Monthly Low||0.1846|
|Daily Fibonacci 38.2%||0.3143|
|Daily Fibonacci 61.8%||0.3267|
|Daily Pivot Point S1||0.2856|
|Daily Pivot Point S2||0.2637|
|Daily Pivot Point S3||0.2332|
|Daily Pivot Point R1||0.3379|
|Daily Pivot Point R2||0.3685|
|Daily Pivot Point R3||0.3903|
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.