Ripple’s XRP Price Analysis: Trend Direction Unclear as Three Doji Candles Form
Ripple’s XRP is forming its third consecutive Doji candle today on the daily chart.
A Doji candle is a candle where the open and close are around the same point and typically reflects uncertainty from traders.
The market leader Bitcoin has also been forming a Doji for today’s daily candle.
Price action for XRP currently trades between two important levels.
Below the current price is $0.312 which has been a former point of both support and resistance. This was also the point where last weeks trading opened.
Above the current price is $0.335 which has also been a point of both support and resistance in prior trading.
Price tested $0.335 a number of times last week but failed to break above.
XRP tested $0.315 a number of times yesterday.
It briefly dropped below to form a weekly low at $0.304 but quickly recovered in the space of the hour. Price is currently consolidating above the level.
With the Doji candles forming on the daily, there is uncertainty regarding what way price is likely to head from here.
Price may be waiting for more clear direction from the market leader Bitcoin which also trades between two important levels.
- Three consecutive Doji candles forming on the daily for XRP reflecting uncertainty from traders.
- Trice trades between two key levels which have both previously acted as resistance and support. The levels are $0.335 to the upside and $0.315 to the lower end.
- Price briefly dropped to $0.304 yesterday but quickly recovered in the space of an hour.
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