Ripple (XRP) Price Watch: Rejected at Range Resistance



Ripple Price Key Highlights

  • Ripple has been on a tear but is currently hitting a roadblock at the top of its 1-hour range.
  • If the ceiling keeps holding, price could slide back to the bottom or the mid-range area of interest.
  • Technical indicators are giving mixed signals on whether the range resistance would hold or not.

Ripple is currently testing the top of its range visible on the 1-hour time frame, still deciding whether to make a bounce or break.

Technical Indicators Signals

The 100 SMA just crossed above the longer-term 200 SMA to suggest that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. However, the moving averages could simply be oscillating at this point as price is still moving sideways.

RSI is on the move down to indicate that sellers could stay in control, possibly pushing Ripple price back to the bottom of the range near 0.3200 or at least halfway through until the area of interest at 0.3300-0.3350.

Stochastic is also heading south but is nearing oversold levels, which suggests that sellers might give in to exhaustion soon and allow buyers to take over. In that case, Ripple could make another attempt at breaking the range top.

XRPUSD Chart from TradingView

Ripple is stalling from its climb on news that the new Morgan Creek Asset Fund hasn’t included this particular altcoin. According to Morgan Creek Digital partner Anthony Pompliano:

“If there’s a central party that owns 30% or more of supply, then we withhold those from the index. Because we think that introduces a lot of additional risk that may not be there if it was a more decentralized network.”

This fund is backed by the Morgan Creek institutional investment house that currently manages $1.5 billion in assets. The index includes bitcoin, ethereum, bitcoin cash, EOS, litecoin, zcash, monero, dash, ethereum classic and omisego.

The post Ripple (XRP) Price Watch: Rejected at Range Resistance appeared first on NewsBTC.



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Posted in Digital Currencies.