XRP: Descending Triangle
Ripple (XRP) technical analysis:
Trade setup: Price was rejected at $0.55 resistance again and is consolidating in a Descending Triangle, with $0.45 as triangle support level. We wait for a breakout. Bullish breakout could see the price revisit $0.55 while a bearish breakout below $0.45 could signal bearish reversal to downtrend with downside risk to $0.40 next.
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish ( MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $0.45 (previous resistance), then $0.40. The nearest Resistance Zone is $0.55, then $0.60.
Trade setup: Price was rejected at $0.55 resistance again and is consolidating in a Descending Triangle, with $0.45 as triangle support level. We wait for a breakout. Bullish breakout could see the price revisit $0.55 while a bearish breakout below $0.45 could signal bearish reversal to downtrend with downside risk to $0.40 next.
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish ( MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $0.45 (previous resistance), then $0.40. The nearest Resistance Zone is $0.55, then $0.60.
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