Ripple Price Forecast: XRP flashes sell signal in the hourly chart

XRP has had three straight bullish sessions in the daily chart.
XRP daily confluence detector shows moderate-to-strong resistance at $0.245.

XRP bounced up from the $0.2215 support line and managed to string together three consecutive bullish days, doing up to $0.2445. In the process, the price broke above the SMA 20 curve.

XRP/USD daily chart

XRPUSD daily chart

The price must now break past the $0.252 resistance line, which has long thwarted the buyers. The MACD has shifted from bearish to bullish, which is another positive signal for the price.

XRP/USD 4-hour chart

XRP has managed to do five straight bullish sessions as the price trends in a flag formation. The price now faces immediate resistance at $0.2452 to break above the SMA 50. The relative strength index (RSI) is hovering around 52.85, giving the bulls enough space to do their thing before the asset moves into the overbought territory. As such, conquering the SMA 50 curve shouldn’t be an issue.

XRP/USD hourly chart

The hourly chart is also trending upwards in a flag formation. During this movement, the RSI has gone up from the oversold zone and is currently trending around 63.75, next to the overbought territory.

However, while every other sign so far has been positive, there is a sign that could trigger a short term bearish correction. The hourly XRP chart has flashed the sell signal in the TD sequential. Although the bearish formation has yet to be formed, a short-term correction may be imminent.

XRP social volume

The social volume chart for Ripple shows a spike this Friday and Saturday. During this time, the price has reacted positively to the spikes. However, increased attention is not necessarily a good sign for the continuation of the uptrend. When prices pump and the crowd starts paying attention, then the dump usually follows shortly after.

XRP daily confluence detector

As per the daily confluence detector, XRP faces immediate moderate-to-strong resistance at $0.245. On the downside, there are two healthy support levels at $0.2425 and $0.24.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.