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.
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
FXStreet
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.
