Ripple Chart Analysis
Ripple (XRP) has ended its weeks-long sideways phase in the range between 0.60 – 0.70 USD and has risen above 1.30 USD in the short term. Currently, we are in a bearish chart pattern at around 1.14 USD.
On the 4H chart, we can observe the formation of a descending triangle. Our horizontal bottom of the chart pattern, is also our support zone. If Ripple fails to exit this chart pattern bullishly to the upside, we can expect prices below 1.00 USD once again.
The next support zones are at around 0.91 USD and 0.80 USD. Since the steep rise in XRP, we can also observe decreasing trading volume here.
In the XRP/BTC chart, we have also managed to break the year-long downtrend and are now above this red line. Currently, we are at around 0.00000235 BTC.
In the MACD weekly chart we can observe a bullish crossover. At the moment we are testing this downtrend line as a possible support. If we do not fall below this line again, XRP could start an outperformance against Bitcoin in the coming weeks.
Furthermore, we can observe an increase in trading volume on the weekly chart. The RSI is in a neutral range.