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XRP Daily Price Analysis: Consolidation Continues

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  • XRP retraced by 4%
  • The price broke $0.30 resistance
  • Consolidation around $0.29

1 Hour XRP/USD price chart

After breaking up a $0.30 resistance line yesterday, XRP price retraced back into consolidation and is now trades around $0.298 mark. The important support at the moment is $0.28. The price may well dip down below that level, but likely to recover immediately trapping some retail stop loss positions in the process. MACD indicator on one hour chart is yet to demonstrate weakening bearish pressure. However, long-tail candlestick that formed on well above the average volume, may suggest that such pressure will start to decrease soon.

It is important to note that price has already broken an important psychological resistance of $0.30 thus during the next price hike, it is likely that next resistance around $0.33 will be tested.

Chart source: Tradingview

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