Ripple Technical Analysis: XRP/USD continues trading inside a symmetrical triangle
- XRP is right in the middle of its daily symmetrical triangle, awaiting a clear breakout.
- The daily chart has formed two Doji candlesticks indicating that traders are uncertain about XRP’s short-term.
It seems that XRP is forming yet another Doji candlestick on its daily chart. Traders are not sure whether to buy or sell XRP but the digital asset remains above the 12-EMA. The daily triangle has been forming since April of this year and XRP has poked out of it a few times but never closed above or below it.
XRP/USD is trading in a daily uptrend but is losing fuel. Unlike other top cryptocurrencies, XRP formed its daily high back in April which means there are a lot of resistance levels until $0.235.
XRP/USD 4-hour chart
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XRP is clearly trading sideways, however, bulls seem to have the upper hand considering how many dips they are buying. The initial crash on June 2, dropped XRP to $0.1973 and buyers quickly managed to pump it back up to $0.2071. Around 36 hours ago, XRP experienced another quick fall and again, bulls bought the dip. The last candlestick is also a bullish reversal candlestick.
Unfortunately, XRP is trading below EMAs which have crossed bearishly for the first time in six days. The RSI is oversold and could indicate that a bull move is nearby.
XRP/USD technical levels
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
