Ripple Technical Report: Path of least resistance appears to the downside for XRP/USD


  • Ripple consolidates after Friday’s drop.
  • Rangebound amid a potential symmetrical triangle on hourly chart.
  • Bearish bias likely amid a stack healthy resistance levels.

Ripple (XRP/USD) is struggling to extend its recovery momentum beyond 0.20 on Saturday, as the bulls remain in a wait-and-see for the fourth straight session. While extending the range play, the bears are seen fighting back control, as suggested by the near-term technical set up. The fourth-most favorite cryptocurrency posts minor losses around 0.2025 but remains on track to book about 2% weekly loss. Its market capitalization stands at $8.95 billion.

Short-term technical outlook

As observed on the hourly chart, the No.4 is fluctuating between gains and losses within a symmetrical triangle pattern, with a break in either direction due on the cards. Looking at the setup, however, the downside appears more compelling, as a bunch of health resistance levels continues to guard the upside.

Therefore, a test of rising trendline support at 0.2017 could be tested should the sellers take over control. A breach of the latter would confirm a triangle breakdown, with the pattern target of 0.1945 on the bears’ radar.

To the upside, strong resistance is located at 0.2038, where the horizontal 200 and 50-hourly Simple Moving Averages (HMA) intersect. Should the bulls manage to take out the aforesaid barrier, the next hurdle is seen at 0.2044, the confluence of the falling trendline resistance and bearish 100-HMA

At the moment, the hourly Relative Strength Index (RSI) has turned slightly below the midline (50.0), backing the case for the downside.

XRP/USD 1-hour chart

XRP/USD key levels to consider

XRP/USD

Overview
Today last price 0.2025
Today Daily Change -0.0001
Today Daily Change % -0.05
Today daily open 0.2027
 
Trends
Daily SMA20 0.201
Daily SMA50 0.2025
Daily SMA100 0.195
Daily SMA200 0.2141
 
Levels
Previous Daily High 0.2057
Previous Daily Low 0.2012
Previous Weekly High 0.2147
Previous Weekly Low 0.1973
Previous Monthly High 0.2268
Previous Monthly Low 0.178
Daily Fibonacci 38.2% 0.2029
Daily Fibonacci 61.8% 0.204
Daily Pivot Point S1 0.2007
Daily Pivot Point S2 0.1988
Daily Pivot Point S3 0.1963
Daily Pivot Point R1 0.2052
Daily Pivot Point R2 0.2077
Daily Pivot Point R3 0.2097

 

 

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