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XRP lacks bearish pressure at the moment

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  • XRP price gained over 10% over the weekend and Monday
  • Psychological $0.30 resistance is reached
  • Price retraces back to $0.27800

1 Hour XRP/USD price chart

XRP price continues its consolidation between $0.28 and $0.29 price levels. The support line at the moment is set at $0.28300, however, a more important support level is $27800, if the price goes below that line on high volume and high momentum we may well see the current XRP trend reversal. However, it seems that there is simply not enough bearish interest to start a downtrend at the moment, as XRP price continues its slow and gradual rally upwards.

Once MACD indicator on one hour chart will cross back into a bullish zone, the price can retest important psychological resistance at $0.30, possibly setting up a new resistance level in the region of $0.31-$0.32.

Chart source: Tradingview

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