- If the bearish technical indicators maintain their current position, XRP could breakdown further.
- XRP bulls to face acute resistance at $0.3302.
The short-term outlook of Ripple’s XRP 1-hour timeframe chart shows that the asset has been trending higher. This is because XRP opened the week’s trading at $0.3286 and tested the resistance at $0.34 before correcting lower towards the immediate support at $0.32.
A short-term trendline shows that XRP/USD has been trading higher highs and higher lows, although a break has just occurred below the trendline support at $0.3281. The price has also remained range-bound between the upper range limit at $0.31 and the range support level at $0.3163.
Ripple’s XRP is trending lower at the time of press, besides the price is beneath both the 1-hour 50-day Simple Moving Average (SMA) and the 100-day SMA both of which are hindering upward movements as seen on the chart. Moreover, the Relative Strength Index (RSI) is heading for the oversold region after staying clear of the territory since Sunday last week. The slow stochastic oscillator on the same chart is currently in the oversold to show that the price will continue to correct lower in the coming sessions today and even cross over into the weekend trading sessions.
Marginally above the current value at $0.3268, the Confluence Detector tool provided on the FXStreet website shows that the bulls will face acute resistance at $0.3302. However, a correction above this level will remain undeterred until the next strong hurdle around $0.3505. We can expect Ripple’s XRP to hold ground at this level for a few days as the bulls gather the strength to push the price towards. Meanwhile, if the above bearish technical indicators maintain their position and breakdown continues, XRP/USD is likely to find support at $0.3268. If the grip of the bears’ sends the price further to the south, the weak support highlighted at $0.3234 will come in the rescue of the bulls to limit declines below $0.32.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.