• XRP/USD trade has a bit witnessed lower highs than lower lows around a $0.20 price level
• XR/USD pair needs slight-downward moves from the current range point before getting to see a nice uptrend return in the crypto-market.
• Continued inactive price action in XRP/USD market will be a sign of prolonging the current range market operations.
Ripple (XRP) Price Analysis
• Major resistance levels: $0.22, $0.24, $0.26
• Major support levels: $0.18, $0.16, $0.14
As at the time of writing today, XRP/USD trade has a bit witnessed lower highs than lower lows in its market-valuation around the same range trading level it keeps over a couple of days. From a technical viewpoint, the crypto-fiat pair has to continue to trade under a selling pressure, which has made an upsurge-move tough for the crypto around the $0.20 range trading level.
It could now be a good time for XRP/USD bears to take the market advantage from that range trading point as bulls seem to be in a relaxation-moving mote. In the event of not seeing that assumption playing out, bulls will potentially regain energy to push north-away from the current range trading level.
Ripple Technical Indicators Reading
All the trend-lines of the Bollinger Bands have now shrunk underneath the 50-day SMA trading indicator, pointing flat to the east direction. And, a line of tiny Japanese candlesticks formed around the Upper Bollinger Band trend-line at a $0.20 price level. All those, technically showcase a range move in progress presented in the market operations. The Stochastic Oscillators have moved into the overbought trading region. And, they have crossed the hairs at range 80, pointing towards a south-direction. That signals the possibility of getting to see a line of decline soon in the XRP/USD pair.
Owing to a continued inactive price moves on the part of XRP bulls, the market activities may either prolong its sideways trading outlook further or lose out the momentum to bears in the long-run. Meanwhile, that assumed scenario plays; there’ll be a rebound in no time as long being ever projected for decent resurface entries for long positions
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.