XRP trading: Still Bearish, Ripple May Bounce Up After Testing a Close Support

XRP trading: Still Bearish, Ripple May Bounce Up After Testing a Close Support
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Ripple (XRP) Price Analysis – April 16

Regardless of the current green market, XRPUSD bearish sentiment moves in a descending channel with a slow price action towards close support. XRPBTC, on the other hand, has further fallen in a new direction. Still, XRP market is falling.

XRP/USD Market

Key Levels:
Resistance levels: $0.35, $0.37, $0.39
Support levels: $0.30, $0.28, $0.26

Looking at the medium-term chart, Ripple appeared bearish as price trades within a descending channel in since early April. While sitting at the lower channel, XRPUSD market has been consolidating for the past five days as a swing high is expected at $0.35 resistance level. A further push above the mentioned resistance may resume XRP on a bullish trend.

XRPUSD, 4H Chart – April 16

Meanwhile, a possible swing low could plummet price to $0.3 support and beyond. Evidently, the trend lines are still a defensive line for the bulls and the bears.

Viewing the 4-hours RSI, a gradual buying momentum is compounding as it points upward. More importantly, the 4-hours Stochastic RSI pressure nears overbought territory. A slight drop is likely once the indicator reaches the overbought zone.

Nevertheless, XRPUSD market is still respecting a descending channel pattern.

XRP/BTC Market

Ripple, as a hedge, is on a downtrend trend. The massive sell-off in early April has led the sellers to more significant downward movement as price faces 6000 SAT low.The coin’s value is dramatically depreciating as a new low is yet to be established. The bearish scenario is now revealed to be strong; following a new purple line.

XRPBTC, 4H Chart – April 16

Since the drop, the 4-hours RSI has positioned trading below the 50 level; currently swinging on the oversold line. A clear breach above the purple trend line could fly price to 6600 SAT resistance and above.

The current 4-hours Stochastic RSI faces the oversold zone; showing an ongoing selling pressure. A long position may switch the Oscillator on an upside trend. At the moment, the sellers are gaining control of the market.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

About AzeezMustaph

> 27 Articles
Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management

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