2019-8-8 17:45 |
The Ripple-promoted token has a bearish short-term trading bias, with the XRP / USD pair remaining below its 200-period moving average on the four-hour time frame A bearish head and shoulders pattern is still in play on the four-hour time frame The daily time frame shows that the XRP / USD pair is pressing against the top of a large wedge pattern XRP / USD Short-term price analysis
XRP has a bearish short-term trading outlook, with the XRP / USD pair still trading well below its key 200-period moving average.
The four-hour time frame continues to show a bearish head and shoulders pattern breakout underway. The mentioned time frame also shows that the XRP / USD pair is trapped within a symmetrical triangle pattern.
Major short-term resistance is located at the $0.3600 and $0.4000 levels.
Technical indicators across the four-hour time frame remain technically bearish.
XRP / USD H4 Chart by TradingView
Pattern Watch
Traders should note that the $23.50 level is the overall target of the bearish head and shoulders pattern.
Relative Strength Index
The RSI indicator remains bearish on the four-hour time frame and shows scope for further short-term downside.
MACD Indicator
The MACD indicator is bearish on the four-hour time frame and continues to generate a sell signal.
XRP / USD Medium-term price analysisXRP has a bearish medium-term outlook, with the XRP / USD pair still capped well below its trend-defining 200-day moving average.
The daily time frame is showing that the XRP / USD pair is testing back towards key trendline resistance from an extremely large descending wedge pattern.
Key technical support on the daily time frame is located at the $0.3000 and $0.2850 levels.
Technical indicators on the daily time frame currently have a slight bearish bias.
XRP / USD Daily Chart by TradingView
Pattern Watch
Traders should note that a breakdown below the wedge pattern could prompt a technical test of the $0.2500 support level.
Relative Strength Index
The Relative Strength Index on the daily time frame is bearish and shows scope for further downside before it becomes oversold.
MACD Indicator
The MACD indicator on the daily time frame is neutral and is failing to issue a clear trading signal.
ConclusionRipple is starting to approach a critical turning point technically, whereby the cryptocurrency needs to start attracting buying interest or it could fall back towards its all-year trading low.
Overall, the bullish scenario supports a move towards at least the $0.3600 level, while the bearish scenario suggests that the XRP / USD pair could fall towards the $0.2500 level.
Find out more about Ripple in our coin guide.
A deeper look into the merits of the project can be found in our DARE.
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