Ripple (XRP) short-term analysis
Posted on Sunday, October 17 2021 at 8:04 pm GMT+0000XRP short-term uptrend seems to be languishing
Ripple (XRP) saw its bullish efforts evaporate below the 1.23 intraday swing top and slumped back below the 50-period simple moving average on the 4H chart.
The short-term risk is currently skewed to the downside as the RSI indicator entered recently the Bearish zone and the MACD dropped below its signal line approaching the zero threshold.
As regards the market trend, the positive bearing of the simple moving averages is still endorsing the upward trajectory from the September lows, though the coin’s incapability of creating fresh higher highs lately has degraded the quality of the trend.
Nevertheless, unless the price dives below the previous low of 1.06, confirming a bearish trend reversal pattern, the upward bias will remain intact. Prior to that, support could occur near the 100-period simple moving average and the neighboring intraday low of 1.09.
In contrast, a successful attempt beyond the 50-period simple moving average could push the price towards the previous high above which momentum will amplify and the way will be paved for a retest of October high at 1.23. further extension beyond the latter would reach the 1.33 level.
In summary, the short-term uptrend seems to be languishing. Yet, only a decisive break below 1.06 would officially signal a trend reversal.
