XRP Price Analysis – September 16
Ripple has noted a remarkable price shift with a bullish bias over the last 5 days but today, the coin had dropped even below $0.26.
Resistance levels: $0.28, $0.29, $0.30
Support levels: $0.23, $0.22, $0.21
The price of Ripple (XRP) is moving within a descending channel boundary on the daily chart. Technically, the channel formation is a bearish flag pattern which mostly followed a break-down in price. Following the past one day of price actions, XRP is consolidating at the upper boundary of the channel.
Currently, the price is bearish but a bounce back to $0.28, $0.29 and $0.30 resistance levels may once again give strengthen to the $0.25 support. If this support gets weak, a price break-down may occur as the bears may find new monthly lows at $0.23, $0.22 and $0.21 levels. From a long-term perspective, Ripple’s XRP is still in a dominant bearish bias. The chart’s volume is also showing a low amount of liquidity.
Stochastic RSI is showing bullish sign as it is at the overbought zone. If the price oscillates downward, XRP may fall back to the $0.24 support level.
For the over 10 days, XRP maintained trading within a descending channel pattern after rising from the 2437SAT to the current low at 2554SAT on Sunday. As of now, we can say that Ripple’s XRP is following a bullish sentiment on the medium-term perspective. The upward rally was revealed on the daily RSI as the market meets resistance at the 2554SAT level.
The cryptocurrency is still testing the upper channel as revealed at the overbought territory of the daily Stochastic RSI – a possible decline may occur in the market. Selling pressure is likely at the 2270SAT and 2170SAT supports. On the other hand, a channel breaks up could further buying pressure to 2700SAT and 2800SAT resistance levels. At the moment, the XRP market is respecting the channel formation.
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