The XRPUSD, known as Ripple, trades around the middle line of the bearish flag, the 0.494 mark.
Ripple Technical Analysis – February-1-2024
The downtrend continued after the bulls failed to surpass the the 0.5431 monthly pivot. However, the downward pressure eased after the price reached the low of January 3, at the 0.488 mark.
We zoomed into the XRPUSD 4-hour chart for a clearer image of the price action.
RSI Signals Oversold
The 4-hour chart also points out the robust bearish trend. However, the RSI indicator hovers in the oversold area, which can be interpreted as the market being oversold. Therefore, it is likely that the bearish trend would halt and experience a short consideration phase. The correction stage might raise the price to the weekly resistance in conjunction with the upper band of the bearish flag, the 0.5320 mark.
From a technical standpoint, as long as the rippling price stays inside the bearish flag and the weekly pivot, the 0.523 mark, the downtrend will likely continue with S2 (0.4694) as its next milestone.
Conversely, the bearish technical analysis should be invalidated if the bulls close and stabilize the XRPUSD price above the weekly pivot.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
