XRP/USD chart 02/06/2019: A mid-session bounce after reaching key support
- The bullish rebound begins after reaching the $0.288 support.
- XRP/USD needs to recover the level of $0.294 to avoid a bearish ride.
XRP/USD 30 Minute Chart
The XRP/USD pair is reacting upwards during the U.S. session in an attempt to regain the $0.294 price level. The rapid decline seen during the Asian session has stretched the technical indicators, and now there is a logical reaction.
Given the fall suffered this morning, the XRP has once again fallen below the accelerated downward trend line that governs its movements from the relative highs of late December.
Today the XRP is once again proving to be an asset with a worrying lack of consistency. Just a week ago it was surprising with strong rises that crossed several important resistances without problems, today it undoes everything with the same ease and returns to a territory that is not very consistent.
-636850649778222260.png&w=1536&q=95)
There is a possible upward scenario, but it depends on the fulfillment of a statistical pattern based on the MACD. The bullish signal level is at $0.294. If the XRP/USD beats this resistance level, it may rise very sharply.
The XRP/USD is currently trading at the $0.2928 price level, after reaching the first support level of $0.288 with great precision (price congestion support). Below the $0.282 level, the XRP would lose all support and go very fast to last year's lows of $0.255 (2018 lows).
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.
