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XRP trading: Still Bearish, Ripple May Bounce Up After Testing a Close Support

Posted In: Forex Trading   Posted On: 2019/04/18 14:52 PM    Posted By: ituglobal




Ripple (XRP) Price Analysis – April 16

 

Regardless of the current green market, XRPUSD bearish sentiment moves in a descending channel with a slow price action towards close support. XRPBTC, on the other hand, has further fallen in a new direction. Still, XRP market is falling.

 

XRP/USD Market

 

Key Levels:


Resistance levels: $0.35, $0.37, $0.39
Support levels: $0.30, $0.28, $0.26

 

Looking at the medium-term chart, Ripple appeared bearish as price trades within a descending channel in since early April. While sitting at the lower channel, XRPUSD market has been consolidating for the past five days as a swing high is expected at $0.35 resistance level. A further push above the mentioned resistance may resume XRP on a bullish trend.

 

Meanwhile, a possible swing low could plummet price to $0.3 support and beyond. Evidently, the trend lines are still a defensive line for the bulls and the bears.

 

Viewing the 4-hours RSI, a gradual buying momentum is compounding as it points upward. More importantly, the 4-hours Stochastic RSI pressure nears overbought territory. A slight drop is likely once the indicator reaches the overbought zone.

Nevertheless, XRPUSD market is still respecting a descending channel pattern.

 

XRP/BTC Market

Ripple, as a hedge, is on a downtrend trend. The massive sell-off in early April has led the sellers to more significant downward movement as price faces 6000 SAT low.The coin’s value is dramatically depreciating as a new low is yet to be established. The bearish scenario is now revealed to be strong; following a new purple line.

 

Since the drop, the 4-hours RSI has positioned trading below the 50 level; currently swinging on the oversold line. A clear breach above the purple trend line could fly price to 6600 SAT resistance and above.

 

The current 4-hours Stochastic RSI faces the oversold zone; showing an ongoing selling pressure. A long position may switch the Oscillator on an upside trend. At the moment, the sellers are gaining control of the market.

 

 

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

 

How to trade Bitcoin successfully:  https://insidebitcoins.com/trading/bitcoin    

 

Best cryptos exchanges:  https://insidebitcoins.com/cryptocurrency-exchanges




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