XRPUSD Analysis: Bearish Harami Pattern Is below $0.4869


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.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Market Analysis: Bitcoin Surpasses $40,000 Per Coin BTC/USD Analysis: New High for the Year Shows Bulls Are Indecisive Market Analysis: Results of Black Friday in Financial Markets BTC/USD Analysis: Bulls Preparing New Assault on 37,500 Level? BTC/USD Analysis: Bears Aggressively Defending 37,500 Level

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: AUD/JPY, RATE HIKES, S&P 500, WTI Oil

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. AUD/JPY: Rate Falls

Trader’s Tools

Fixed Exchange Rates: Benefits and Limitations

Fixed exchange rates, a cornerstone of international finance, play a pivotal role in shaping global commerce and investment landscapes. This article delves into their intricacies, exploring the historical evolution, practical understanding, and the balance of benefits and challenges they present.

Trader’s Tools

Alternative Investment Options

Traders and investors are increasingly turning to alternative investment options to diversify their portfolios and seek new avenues for potential returns. In this FXOpen article, we discuss alternative investments, examining the types and explaining the reasons why they are gaining

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.