XRP/USD risks return to $0.12 after rejection at $0.1750

  • Ripple price is still struggling to stay above $0.15 after recovering from the weekend bearish action at $0.14450.
  • The prevailing technical picture suggests that XRP/USD will test $0.12 or $0.10 support areas before a significant recovery occurs.

Ripple price is still struggling to stay afloat at $0.15 after suffering rejection at $0.1750 on Friday last week. The weekend session has been characterized by increased selling pressure where XRP/USD explored lower levels towards the major support at $0.14.

At the time of writing, Ripple price is trading slightly below the 50 SMA in the 4-hour range. $0.15 is the current pivot point; movement above this zone could pave the way for more bullish action targeting $0.16 but a retreat under the same zone will see XRP/USD forced towards $0.14.

The RSI has not been able to return to levels above 70 since the recovery in February. The recent dip to $0.10 saw it tests levels at 16.66. Recovery has been steady but fizzled out at 66.66. Meanwhile, there is an attempt to step above the average after the weekend bearish action fizzled out at $0.14450.

Ripple price is still lagging a symmetrical triangle breakout. At the moment, breakout under the triangle support hints a return to $0.12 or worse $0.10. However, if bulls work against all the prevailing odds, a breakout above the triangle resistance would see the resistance at $0.20 tackled.

XRP/USD 4-hour chart

XRP/USD price chart


Source link

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...