Ripple’s XRP: Which of the Three Areas of Support Will Provide the Reversal?
Note: The following is a short-term price analysis of Ripple’s XRP. For the long-term XRP price analysis, please click here.
A look at the 6-hour chart shows that price hit a high of $0.45 then promptly reversed.
It is now trading at $0.35. The drop was preceded by bearish divergence in all three of RSI, MACD and the Chaikin Oscillator.
The 4-hour chart gives support to the findings given in the 6-hour one.
Besides significant bearish divergence, the 7 and 21 period moving averages made a bearish cross and price are currently falling below the cloud.
The RSI is below 40, but not into oversold territory yet.
The 2-hour chart provides us with three possible areas of short-term support.
Price hit the first area at $0.33 before bouncing slightly.
If the first area does not hold, the other areas of support would be at $0.32 and $0.27-29 respectively.
A look at the 1-hour chart paints a similar picture.
We can see that price is following a resistance line (solid red line).
Furthermore, the price is below all of the 7,21,50,200 period moving averages and the cloud
- Significant bearish divergence at the 6-hour level.
- Three areas of support.
- Price is below most of the moving averages.
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