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Long-term Outlook
A look at the weekly XRP chart shows that support for the discounted price in the $ 0.3 area rose sharply to $ 0.4.
The price made a candle spinning top that indicates indecision in the market and followed with a bearish bearish candle. The price is currently trading at $ 0.33.
He is facing the resistance of the 7-period moving average which coincides with the small resistance area and has previously made a bearish cross (yellow arrow).
The RSI is at 40, which indicates neither overbought nor oversold conditions.
The MACD lost all its power, and got stuck between a bearish and bullish cross.
Medium-term Outlook and price forecasting
A look at the Ripple daily chart shows that the price is close to the symmetrical triangle support line at $ 0.3 (green line).
The MACD has made a bearish cross and is falling, however with decreasing strength. Furthermore, the Chaikin oscillator was rejected at 0 without becoming positive (bearish sign).
There is a strong possibility that the price will only move within the boundaries of the triangle for the next 48 days.
XRP price forecast: Therefore, I think the price will touch the support line to start and resume to endure at $ 0.4 again during this or next week.
This is in line with perspective and forecast of last week's XRP.
Short-term Outlook
The 12-hour chart gives us more information on price movements.
Price reversed after touching the resistance line at $ 0.44.
The RSI is almost oversold, trading at 30.
In addition, the MACD fell with less energy and seems to be close to making a bullish cross. There are still no divergences of any kind.
Finally, a look at the 2-hour chart offers us another business structure.
The price has collapsed from the descending triangle that was trading in the last two weeks and fell into the mini support area formed by the highs of 7-17 December.
This move is consistent with the analysis provided in the short-term prospects of the past few weeks
conclusions:
- In the long term price it is moving inside a symmetrical triangle.
- The indicators are slightly bearish.
- In the short-term price broke from a descending triangle.
Latest news from Ripple:
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset. |
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