Description
Ripple XRPUSD price has not moved for the day since the markets reopened trading at $0.252 at press time. The crypto has been trading within an ascending channel for more than a week in a 1-hour chart. Currently, the Ripple XRP has been trading on a bearish flag, with a strong short position in the … Read more
- Ripple XRPUSD price has not moved for the day since the markets reopened trading at $0.252 at press time.
- The crypto has been trading within an ascending channel for more than a week in a 1-hour chart.
- Currently, the Ripple XRP has been trading on a bearish flag, with a strong short position in the offing.
- XRPUSD is expected to retest the lower trendline of the channel before another drop to $0.241 support levels.
- The crypto will have entered the bear market when the prices drop to the $0.247 mark.
Ripple price opened at $0.252, and at press time, reachings highs of $0.253 and lows of $0.250. At press time, the market was at $0.252 indicating that the market had not moved for the day.
Intraday opportunities on 1-hour ripple charts
Ripple has been trading within an ascending channel for 12 straight days, breaking the structure only once during that period.
The current ripple price on the one hour chart is still trading within the structure. However, the volatility of the crypto has disappeared and the last 24 hours, the crypto has been trading sideways in what appears to be a bearish flag that has formed on the one hour chart.
Price analysis using support and resistance
Ripple has formed strong support and resistance levels on the hour chart at $0.241 and $0.253 respectively. The current ripple price has failed to break the resistance level $0.253, after retesting the resistance multiple times in the last 24 hours, instead, trading sideways, as it gains momentum for its next big move.
Looking at the crypto support and resistance structure on the chart, the crypto is likely to make its way to the downside, after retesting the resistance level one more time. When that happens, the prices will still be trading within the ascending channel.
Therefore, Ripple prices will also get resistance on the lower trend line of the ascending channel, before dropping past the $0.247 mark. Ripple is expected to retest the pivot support level at $0.241 after breaking out of the ascending channel structure.
An alternative scenario that may see a continuation of the channel
However, there is still a strong possibility that after the prices drop to $0.247 mark levels to retest the lower trendline of the ascending channel, The crypto might continue trading on the channel. If that scenario unfolds, then, the crypto will have entered the bear market. Its next resistance level will be at $0.260 where it will be retesting both the upper trendline and resistance level. This idea is plausible based on a previous analysis done on the daily charts showing a bear position may not be outlandish.
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