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Ripple Technical Analysis: XRP/USD approaches critical $0.4240 support

  • XRP/USD refreshes 2-week low at 0.4299 as sellers return following Wednesday's modest recovery. 
  • The RSI on the daily chart suggests that the pair could edge lower before becoming technically oversold.
  • A decisive break below 0.4240 could trigger a fresh selling wave.

XRP/USD daily chart

Spot rate:                   0.4332

Relative change:        -3.5%

High:                           0.4492

Low:                            0.4299

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:            0.4500 (daily high/psychological level).

Resistance 2:            0.4690 (20-DMA).

Resistance 3:            0.5000 (psychological level/static resistance).

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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