Last week, the market sentiment remained indecisive after Ripple touched a high of $0.4869 on April 28 and started to correct downwards. The market opened bearish this week.
On the hourly chart:
- The relative strength index is at 44.35, which signifies a weak demand for Ripple at the current prices and the continuation of the bearish phase in the market.
- Moving averages signal a downward price movement at the current market level of 0.4626.
- The STOCHRSI is in the oversold zone, which means the price is expected to correct upwards.
- Ripple is now trading just below its pivot level of 0.4634 and is facing its classic support at 0.4577 and Fibonacci support at 0.4597, after which it may move towards 0.4500.
- We have seen a bearish opening of the market.
- Ripple is trading in a contracting range below $0.4700.
Some of the major technical indicators are bearish.
- Ripple bearish reversal is seen below 0.4869.
- The price is below its pivot level.
- Average true range indicates low volatility.
- The price is below the Ichimoku cloud, indicating a bearish trend.
The MACD indicator formed a bearish divergence in the 15-minute timeframe.
Ripple Bearish Reversal Seen below $0.4869
Ripple continues to move downwards, and further support levels are at $0.4557 and $0.4410. There is a formation of the bearish engulfing pattern in the weekly timeframe.
XRP enters into a consolidation phase below the $0.4600 handle.
The short-term outlook for Ripple has turned bearish, the medium-term outlook is bearish, and the long-term outlook is neutral.
We can see an increase of around 1.93% in the trading volumes as compared to yesterday, which is normal.
This Week Ahead
Ripple continues its bearish momentum from last week and might soon break below $0.4600.
With a continuous decline, it may touch the $0.4400 level.
Resistance zones are located at $0.4719, which is a 14-3 day raw stochastic at 30, and at $0.4892, the level at which the price crosses the 18-day moving average.
There is a bearish trendline from $0.4869 to $0.4569.
The support level is located at $0.4557, which is a 3-10 day MACD, and at $0.4410, which is a 1-month low.
The weekly outlook is $0.4400, with a consolidation zone of $0.4500.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, solicitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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