- Ripple faces resistance at the descending trendline and $0.6.
Declines may come into the picture if the 50 SMA support in the 4-hour chart breaks.
Ripple struggles to hold above the short-term support at $0.55 following a failed attempt to touch $0.6. A descending trendline has capped the immediate upside on the 4-hour chart. XRP is doddering at $0.56 at the time of writing.
The bearish momentum appears to be building while declines beckon toward $0.5. Note that the 50 Simple Moving Average (SMA) is in line to offer support and prevent losses eyeing $0.5 and $0.45, respectively.
In the meantime, the Moving Average Convergence Divergence (MACD) shows a consolidation move could take precedence in the near term. The MACD is horizontal within the positive region, hence the bullish inclination. Ripple will remain in the no-trade zone if technical levels remain unchanged.
On the upside, a break above the descending trendline would see bulls shift the focus to $0.6. Similarly, the price action above this level could be massive due to speculation bound to rise. Recently, XRP tested the seller congestion at $0.65, which, if broken, may elevate the cross-border token toward $0.75.
On the downside, losses will extend to the support highlighted by the 100 SMA at $0.5 but may stretch to $0.45. It is essential to wait for a confirmed breakout or breakout before increase or decreasing your XRP position. In other words, trades must be aware of the ongoing sideways trading.
Ripple intraday levels
Spot rate: $0.56
Trend: Sideways trading
Volatility: Low
Support: 50 SMA on the 4-hour chart, $0.5 and $0.45
Resistance: $0.6 and $0.65
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.