For those who read this week’s Weekly Market Insight, you may recall that the post highlighted that XRP/USD was potentially eyeing lower levels.

Weekly timeframe exhibiting scope to explore lower

As you can see, the major altcoin has indeed navigated lower levels this week, down nearly 8.0% WTD and bound for support on the weekly timeframe at $0.53650. This follows a rejection from weekly resistance around $0.81623 in mid-July and the prior week’s weekly indecision candle. With room for further downside still seen on the weekly scale until the aforementioned weekly support, buyers may remain on the ropes this week and possibly into next week. Once, or indeed if, the unit shakes hands with $0.53650, this could be a location dip buyers make an entrance from, in line with the uptrend since mid-June (2022).

Short-term flow testing support, break lower?

Moving across to the H1 timeframe, short-term flow is challenging support from $0.57022. Despite the Relative Strength Index (RSI) being on the verge of chalking up positive divergence on the H1 chart—adding weight to a short-term rebound from current support to H1 resistance at $0.58401—the weekly timeframe’s lack of obvious support at the current price will be a concern for many buyers at the H1 support level.

Considering the above-noted analysis, chart studies imply a break of H1 support at $0.57022, a move swinging the technical pendulum toward the weekly timeframe’s support mentioned above at $0.53650. As such, a H1 close south of current support could unearth a bearish breakout scenario. Conservative breakout traders, however, may elect to wait for additional confirmation in the form of a $0.57022 retest as resistance before pullingthe trigger.

Chart


This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.

FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products is available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354).

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana network is plagued by failed transactions caused by congestion issues on the blockchain. The recent rise in popularity of Solana-based meme coins has resulted in a massive increase in user activity on the SOL blockchain, which has exacerbated the issue. 

More Solana News

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Pups, a BTC-based meme coin, hit a new all-time high of $84.08 early on Friday. The Ordinals Inscription project, which was launched nearly a year ago, sees gains from anticipation surrounding Bitcoin halving.

More Bitcoin News

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

Ripple sees AMM back in action on the XRPLedger mainnet after amendment on Friday. XRP price tests $0.60 support, price ranges below $0.62 on April 12. Ripple CLO shared the Second Circuit Court of Appeals refusal to reconsider their decision, considered a loss for the SEC. 

More Ripple News

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki, author of Rich Dad Poor Dad, is popular for his investment advice and pro-Bitcoin stance on social media platform X. Early on Friday, Kiyosaki shared his thoughts on Bitcoin ETFs and advocated holding the asset directly, instead of a “Wall Street” version. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. While Bitcoin’s long-term outlook remains positive, bouts of volatility could bring prices down ahead of the upcoming halving.

Read full analysis

BTC

ETH

XRP