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Technical indicators only spell doom – Confluence Detector

  • If bearish technical indicators maintain their current position, XRP could further collapse.
  • Tori XRP to address acute resistance at $ 0.3302.

The short-term perspectives of the Ripple 1-hour XRP time chart show that the business recorded a higher trend. This is because XRP opened the week's trading at $ 0.3286 and tested resistance at $ 0.34 before correcting the downside to immediate support at $ 0.32.

A short-term trend line shows that the XRP / USD traded higher highs and higher lows, although a breakdown has just occurred below the trendline support at $ 0.3281. The price also remained range-bound between the upper limit of the range at $ 0.31 and the support level range at $ 0.3163.

The Ripple XRP has a lower trend at the time of printing, moreover, the price is lower than both the Simple Moving Average (SMA) of 1 hour to 50 days and the 100 day SMA, both of which hinder the movement towards the high seen on the chart. In addition, the Relative Strength Index (RSI) is heading to the oversold region after moving away from the territory from Sunday last week. The slow stochastic oscillator on the same chart is currently oversold to show that the price will continue to fall further in today's sessions and even move into weekend trading sessions.

Marginally higher than the current value of $ 0.3268, the Confluence Detector tool provided on the FXStreet website shows that bulls will face acute resistance at $ 0.3302. However, a correction above this level will remain undeterred until the next major obstacle around $ 0.3505. We can expect the Ripple XRP to maintain the ground at this level for a few days, while the bulls gather force to push the price towards. Meanwhile, if the aforementioned bearish technical indicators maintain their position and breakdown continues, XRP / USD is likely to find support at $ 0.3268. If the bears' grip sends the price further south, the weak support highlighted at $ 0.3234 will come to the rescue of the bulls to limit the declines to below $ 0.32.

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