XRP/USD technical analysis: We are about to see if XRP has run out of momentum
- XRP/USD has broken the trendline to the downside but the price is still in a technical uptrend.
- The 0.2821 support level is a strong one and has held firm in the past.
XRP/USD has been one of the darlings of the crypto market over the last few weeks rising 9.42% since 24th September.
The 0.3000 resistance level is proving to be a tough nut to crack for the bulls and if the XRP/USD is to push higher it needs to break the psychological level,
The relative strength index (RSI) is showing signs of a momentum drop off as the price made high highs the indicator made lower highs.
At the moment, on the four-hour chart, the candlesticks are showing signs of indecision as they are forming Doji candles.
Also, the trendline broke lower on 20th October. This proved to be a false break as the XRP/USD price moved back above the trendline.
Subsequently, the price broke back below and is now retesting the trendline which could indicate there might be a move lower on the cards.
For now, the main resistance is 0.3038 and the key support lies at 0.2821.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
