Ripple’s XRP: USD/XRP (XRP=) Price is Facing Major Resistance

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XRP
Ticker: XRP=
Price: $0.54

XRP Outlook

After testing the $0.5500 support area, ripple’s XRP price started a steady recovery. There was a break above the $0.5750 and $0.5800 resistance levels to move into a short-term bullish zone.

The price traded above the 23.6% Fib retracement level of the downward move from the $0.6847 high to $0.5446 low. It is now trading above the $0.6000 level and the 100 simple moving average (4-hours). On the upside, the price is facing a major resistance near $0.6150 and $0.6200.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 0.68.

The projected lower bound is: 0.43.

The projected closing price is: 0.55.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 33.8977. This is not an overbought or oversold reading. The last signal was a sell 14 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 54.45. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 10 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 5 period(s) ago.

Rex Takasugi – TD Profile

FOREX XRP= closed down -0.025 at 0.547. Volume was 26% below average (neutral) and Bollinger Bands were 147% wider than normal.

Open    High    Low    Close    Volume
0.572   0.575   0.543  0.547    71,651
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period     200-period
Close:           0.60          0.38          0.27
Volatility:      135           151           93
Volume:          181,419       122,113       84,704

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX XRP= is currently 103.2% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods.

Our volume indicators reflect volume flowing into and out of XRP= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on XRP= and have had this outlook for the last 29 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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