FxNews—Ripple (XRP) trades in a bullish channel, but the 4-hour chart has formed a bearish butterfly pattern, a sell signal. The MACD value is declining, and the indicator is about to flip below the signal line, strengthening the bear market.
Additionally, the recent candle is bearish and closed below the 100-period regression line, meaning the bear market could potentially resume. The XRP/USD 4-hour chart below demonstrates the price, support, resistance levels, and technical indicators used in today’s analysis.
Ripple Technical Analysis – 18-September-2024
The Stochastic oscillator shows 43 in the description and is declining, meaning the downtrend gains more momentum. The relative strength index indicator aligns with the Stochastic and is flipped below the median line, signaling a bear market.
Furthermore, the awesome oscillator returned below the signal line with red bars, signifying the bear market will likely prevail. However, the XRP/USD price is still above the 50- and 100-period simple moving average, meaning the main trend is bullish.
Overall, the technical indicators suggest that XRP/USD could dip to lower support levels despite the bullish momentum.
Ripple Price Forecast – 18-September-2024
The immediate resistance is at $0.563. If the price closes and stabilizes below $0.563, the XRP/USD downtrend will likely be triggered. If this scenario unfolds, the downtrend could extend to the lower band of the bullish channel.
Furthermore, if the selling pressure pushes the price below the ascending trendline, the current downtrend can potentially extend to $0.522.
Ripple Bullish Scenario – 18-September-2024
If bulls (buyers) maintain their position above the $0.563 mark and can close beyond the 100-period regression line, the uptrend will likely be triggered. In this scenario, the next bullish target could be retesting $0.597, followed by $0.612.
XRP/USD Support and Resistance Levels
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: $0.563 / $0.541
- Resistance: $0.597 / $0.612