Ripple’s XRP Price Action – XRP Forms a Bullish Hammer Candle
Cryptocurrencies started the week with bearish movements but underwent a brief recovery on Wednesday.
Most have since started to trade lower and are recording a loss for the week.
XRP has recovered to a greater extent than other top cryptocurrencies such as Bitcoin and Ethereum.
XRP is now trading at the point of its weekly open, forming a Doji candle.
A Doji candle is a candle where the open is around the same point as the close and typically reflects uncertainty from traders.
The recovery for XRP on Wednesday took place on large amounts of volume and brought price above a number of key resistance levels.
Price eventually met resistance at $0.335.
$0.335 acted as an important support level last week, and price tested this level numerous times before dropping below.
Price met support at $0.296 and has since started to trade back up.
Today’s daily candle is forming a hammer candle.
This is where the price undergoes a drop but quickly rises back up.
This is a bullish sign showing traders are rejecting lower prices.
- Bitcoin is forming a Doji on the weekly chart after erasing losses which took place at the start of the week.
- Today’s daily candle is currently forming a hammer candle. This is a bullish sign showing traders are rejecting lower prices.
- The current support level to monitor is $0.296 and the key resistance levels to monitor are $0.312 and $0.335.
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