A look at the Weekly chart of Ripple in logarithmic form, shows us that price has fallen from the high of January 2018 of around $3.2 to close to $0.3.
There is some support in the $0.3 area, and it is worth noting that there was a bounce with strong volume in September (yellow arrow), the last time price was at this level.
If the $0.2 level breaks, the next level of support will be around $0.13.
Staying with the Weekly chart, we can see that the MACD made a bearish cross.
Furthermore, the price is facing resistance from both the 7 and 21 period moving averages, and a very thick projected cloud.
The RSI is close to 40, not indicating oversold or overbought conditions.
Moving on to the 3-day chart, we can see that the 7 and 21 periods are very close, meaning they will either make a bearish cross or reject it, an the development that should be kept a close eye on.
Furthermore, there is bearish divergence developing in the Chaikin Oscillator.
Finally, a look at the 6hr chart paints a more bullish picture.
As it gets closer to the support line, price has developed solid bullish divergences in the RSI, MACD and Chaikin Oscillator.
- Ripple is close to the $0.25 level of support.
- The next area of support is at $0.14.
- Long term (bearish) and short-term indicators (bullish) are not in agreement.
Ripple [XRP]: Will Support Hold or Are We Heading Downward? was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.