Ripple’s XRP: Is the Rally Genuine or Are We Falling Below Support?
A look at the Weekly chart in logarithmic form for Ripple’s XRP shows that price retouched support at $0.25-$0.30 once more, and similarly to the last time a short rally ensued.
However, in comparison to the one in early September, the rally was shorter and with lower volume.
If the area does not hold, the next level of support will be found at $13-$17.
A look at the indicators on the weekly chart shows that the MACD is close to either making or rejecting a bullish cross.
Furthermore, price found resistance at the 7-period moving average and is forming an inverted hammer candle, which is a bearish sign of reversal.
The RSI is slightly above 40, indicating conditions that are neither overbought nor oversold.
A look at the 3-Day chart for Ripple’s XRP gives conflicting signs.
While the MACD is trying to make a bullish cross, the 7 and 21 period moving averages are making a bearish cross and acting as resistance.
It is of great importance to keep an eye on the next weekly input on Monday, December 31st.
A look at the 12-hour chart shows that price hit resistance at $0.45 at the 200-period moving average then retraced.
There is a slight bearish divergence in the RSI, and the MACD made a bearish cross.
A look at the 6-hour chart further validates the findings of the 12-hour one.
There is a significant bearish divergence in the RSI, MACD and Chaikin Oscillator.
- The price fell to the support area of $0.25-$0.30 for the third time.
- Short-Term indicators are bearish.
- The next area of support will be at $0.13-$0.17.
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