Ripple's XRP: Downside protected but upside capped
- XRP has a long term bottom protectively placed.
- Upside is capped by multiple resistances around.
Ripple's XRP has a very long way to go in this consolidation phase as multiple resistances and a strong enough support around current prices helps it remain in a range while bears and bulls fight for their survival.
XRP/USD is down more than 1 percent on day at $0.3077, just above bottom of the day. Daily chart of this coin throws some interesting light. While there is good enough long term support in the form of ascending trendline that has supported prices in the last few months.
While that helps prices not fall much, upside is capped in the form of 50 EMA at $0.328 and upper end of the downward sloping parallel channel, currently placed around $0.35.
XRP/USD daily chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
