After being supported at the $0.56 zone, XRP started a new bullish trend and went all the way up to $0.60. At that point however, by hitting the SMA100 it halted and formed a correction and was brought back down to about $0.57. And so it was placed inside a triangle and is moving sideways by hitting the top and bottom parts. Today after hitting the bottom part, once again it has pivoted towards the top and at the time of writing this article it stands at about $0.5850.
Taking a look at the 1-hour chart, we see that the price is stuck in a triangle and is moving up and down hitting the top and bottom parts. Today by hitting the bottom part at $0.5750 it pivoted upwards and is now aiming towards the top part.
Currently, the $0.5850 zone close to the 50% Fibonacci retracement of the latest fall is the first important resistance level. Then the triangle`s top part at about $0.5890 to $0.59 is the next one. In case of breaking through the $0.5890 to $0.59 and moving past the top part of the triangle, we should expect the price to move towards the SMA100 close to $0.5930. With this breakthrough and stabilizing the price over the triangle we should expect to see XRP at about $0.60 once again.
On the other hand, upon failure to break through the $0.50 and then $0.5930, the bearish trend will surely continue.
For the bearish trend, the first support zone will be the $0.5820 to $0.58 zone. Following that, the $0.5780 near the bottom part of the triangle can support the price from further decrease. Any more downward pressure could bring the price down to $0.5720 to $0.57 zone.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator is on an upwards momentum.
RSI: the relative strength index is approximately 50.
Resistance levels: XPR`s first resistance level is at $0.5850. followed by $0.5890 to $0.59 range with the $0.5930 and then $0.60 coming next.
Support levels: the first support level is on the $0.5820 to $0.58 range, then the $0.5780 and $0.5720 and $0.57 will follow.
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