A look at the Weekly chart for XRP in logarithmic form shows that price is very close to the $0.26-$0.30 support area, currently trading at $0.31.
Price is trading below the 7,21 period moving averages and the Ichimoku Cloud.
However, the 7-period MA seems to be steadying, perhaps setting itself up for a bullish cross.
The RSI is at 42, indicating neither overbought nor oversold conditions.
The MACD is close to making a bullish cross.
If this support area fails to support price, the next one will be found at $0.15-$0.18.
A look at the 3-day chart shows that price is still trading below all period moving averages.
Furthermore, price tried to break through the 7-period resistance but got rejected, and is now in the process of forming a bearish shooting star candle.
However, the MACD is close to making a bullish cross.
A look at the Daily chart gives a little more information about price movements.
The 7 and 21 period MAs made a bearish cross.
Furthermore, the Daily candle looks like a bearish shooting star, unless the price goes on a significant upward move before the close of the day.
There is a part of the cloud on February 11 which is positive and if the price is going to break through resistance that would be a possible breakout area.
Short-Term Outlook and Price Prediction
Finally, a look at the 12-hour chart gives us a structure in which price is trading in.
Price bounced at the minor support area at $0.29.
The previous 12-hour candle was bullish with significant volume, however, it failed to break the resistance at $0.34 and the succeeding one is a bearish shooting star.
It is possible that price has been trending in a descending wedge for the past month and this was the breakout in good volume, however, due to the formation of the bearish candle I believe this to be unlikely.
I believe that price will fall to the main support area of $0.26-$0.3 before deciding on another move, whether it is upward or downward.
Another scenario to keep an eye on is the wedge breakout, in which price could validate the resistance line at $0.3, then head for the resistance area at $0.34 and $0.37 respectively.
- Price is trading below most moving averages.
- The daily candle is a bearish shooting star.
- The next support area will be found at $0.14-$0.18.
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XRP Price Prediction: Was This the Breakout of the Descending Wedge? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.