XRP's trend timeframe showing price remains in its downtrend with no weekly confirmation of a reversal just yet. Last time XRP was at this price we saw some consolidation take place for about 20+ weeks, mind you this was before the crypto "hype". Today we are at sitting at the same price. Stochastic RSI showing momentum starting to shift...
Shifting over to our pattern timeframe we see XRP broke resistance at $0.1980 and continued up to $0.2300 only to be rejected by our dynamic and major resistance. Price has now retraced to our previous resistance and testing for support. Our daily candles are showing some exhaustion from the bears, and this looks like it could be a turning point for XRP. Stochastic RSI showing momentum is in favor of the bears.
Finally looking at the trigger timeframe we see price respecting a descending wedge pattern, Stochastic RSI showing momentum is starting to slow down. A 4hour close above $0.2050 and expect the momentum to push the price up to $0.2350, however, our charts show some potential support levels that may be tested. A 4hour close below $0.2025 and expect the price to continue retracing.
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