- After surging past the $1.20 mark this weekend, Ripple dropped back down to close to $1.10 today
- A triangle pattern has formed, indicating XRP could be trading in the range of $1.10 to $1.11 for the rest of the day
- A major support level is held at $1.10, along with a resistance of $1.15
Ripple Pulls Back to $1.10, Testing Support
After surpassing the $1.20 mark this past weekend, Ripple dropped back down toward the $1.15 level earlier today and then further down to $1.10 later in the afternoon. However, the cryptocurrency has generally held steady on a daily basis for the week, and the good news is that it is finally back above $1.00 and now up by nearly 8% since last week.
A triangle pattern has formed, binding XRP price to a range from $1.10 to 1.11 for the rest of the day. Ripple could also be testing its support at $1.10 later, the outcome of which would indicate the next major price movement.
Both the MACD and RSI indicators are showing weak bearish signals, so it is unlikely for XRP to return to $1.15 anytime soon. Investors will need to monitor the price actions later to determine whether the bearish signals are significant enough.
On the other hand, the candlestick patterns are showing an imminent bullish reversal, so a short-term upside of $1.12 is still a possibility. In the long run, XRP must test a major resistance at $1.15 in order to return to $1.20 once again.
Looking at the Technical Indicators:
- Hourly MACD & RSI — Both indicators are giving bearish signals
- Major Support Level — $1.10
- Major Resistance Level — $1.15
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