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Ripple Technical Analysis: XRP/USD approaches 2018 lows as bearish momentum builds up

  • XRP/USD stays within the falling linear regression channel on the daily chart, daily RSI drops below 40.
  • A break below 2018 low of 0.4240 could bring in more sellers and trigger a fresh wave of a technical sell-off. 

XRP/USD daily chart

Spot rate:                   0.4485

Relative change:        -5.25%

High:                           0.4740

Low:                            0.4410

Trend:                        Bearish

Support 1:                0.4240 (Jun. 29 low/2018 low).

Support 2:                 0.3500 (bottom line of the daily linear regression channel).   

Support 3:                 0.3000 (psychological level).  

Resistance 1:            0.4740/60 (daily high/20-DMA).

Resistance 2:            0.5000 (psychological level/horizontal resistance)..

Resistance 3:            0.5510 (50-DMA).

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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