Ripple’s XRP Price Analysis: Multiple Tests of Support Increase Likelihood of Price Drop

2019-1-25 18:04

XRP Daily Chart

Many of the top 10 cryptocurrencies have been consolidating in recent price action.

XRP formed a Doji candle on its daily chart yesterday.

A Doji candle is a candle where the open and the close are around the same point and typically reflects uncertainty from traders.

XRP has been trading above a key level at $0.31 and has managed to not close above this level despite some drops below during the week.

XRP 4-Hour Chart

The recent price action has been more bearish with more tests of $0.312 taking place.

The two most recent 4-hour candles had price dropping below this level, but the price rose back above on both occasions.

Earlier in the week, the price had a sharp drop below to a low of $0.0304 but quickly found buyer liquidity at this point and rose back above.

The numerous tests which have taken place recently increase the likelihood that a drop and close below will take place.

Each test reduces the number of buyers holding the level.

Key takeaways: Many top cryptocurrencies have been consolidating in recent price action. XRP formed a Doji candle in for yesterday’s daily candle representative of this consolidation. Price has been trading above a key level at $0.312 but has dropped below several times. Each drop below quickly found buyer liquidity and rose back above. Price has tested the $0.312 level a number of times increasing the likelihood that price will break below.

Ripple’s XRP Price Analysis: Multiple Tests of Support Increase Likelihood of Price Drop was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

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$ 2.8098 (-0.56%)
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Источник: blokt.com

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