XRP: Approaching Resistance
Ripple (XRP) technical analysis:
Trade setup: Following a bullish breakout from Descending Triangle price reached our target $0.40 resistance and 200-day moving average. That is a stiff resistance area. Now wait for price to 1) break above $0.40 to resume uptrend, or 2) pull back near $0.35 for swing entry.
Trend: Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $0.32. The nearest Resistance Zone is $0.40, then $0.45, and $0.55.
Trade setup: Following a bullish breakout from Descending Triangle price reached our target $0.40 resistance and 200-day moving average. That is a stiff resistance area. Now wait for price to 1) break above $0.40 to resume uptrend, or 2) pull back near $0.35 for swing entry.
Trend: Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $0.32. The nearest Resistance Zone is $0.40, then $0.45, and $0.55.
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