XRP/USD Medium-term Trend: Bearish
Resistance: $0.58 , $0.59, $ 0.60
Support: $0.56, $0.55, $0.54
Last week, the XRP/USD pair was in a bullish trend. The asset was making a series of higher highs and higher lows. The asset rose from the low of $0.64 to the high of $0.68. It was assumed that Ripple was likely to break the resistance at $0.70. That is, if the asset broke the resistance at $0.70, it would reach the highs of $0.75 and $0.80. But the asset was resisted and it fell to the low of $0.66. Meanwhile, today, Ripple is currently trading at $0.57 as at the time of writing.
However, price of Ripple further depreciated to the low of $0.57, and if bulls fail to halt price at that level, it may fall to its previous low of $0.55. Meanwhile, the relative strength index period 14 is level 26 indicates that the market is oversold suggesting bulls to take control of the market. It is suggested that traders look for buy setups to initiate long trades and a stop loss at the price of $0.55.
XRP/USD Short-term Trend: Bearish
On the 1-hour chart, price of Ripple is in a bearish trend. On the 1-hour chart, Ripple fell to the low of $0.55 and commenced a bullish movement. However, the moving averages are still trending southward.
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