XRP: Pullback in Uptrend
Ripple (XRP) technical analysis:
Trade setup: Following a brief period of consolidation in a Bullish Flag pattern, price broke out in the direction of existing Uptrend and reached our target of $0.55 resistance, where it got rejected. Pullback near horizontal support zone is around $0.45 could be a swing entry in Uptrend. It also lines up with Fibonacci retracement level (potential support area) of $0.44 (61.8%). Momentum is inflecting bullish again (MACD Histogram rising).
Trend: Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
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: Following a brief period of consolidation in a Bullish Flag pattern, price broke out in the direction of existing Uptrend and reached our target of $0.55 resistance, where it got rejected. Pullback near horizontal support zone is around $0.45 could be a swing entry in Uptrend. It also lines up with Fibonacci retracement level (potential support area) of $0.44 (61.8%). Momentum is inflecting bullish again (MACD Histogram rising).
Trend: Neutral on Short-Term basis and Uptrend on Medium- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
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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