Technical Analysis for XRPUSD for 18th August 2022
Ripple Consolidates with XRP Resistance at $0.40
Past Performance of XRP
Ripple prices are firm when writing, soaking in strong selling pressure experienced across the board. XRP is currently down three percent versus the greenback but within a bullish breakout formation. Even so, the coin is broadly in a consolidation phase. This sideways movement could be an accumulation or distribution depending on the breakout direction.
Ripple Technical Analysis
XRP has a visible resistance at around $0.40 and is bullish. This preview is considering the recent higher highs. At spot rates, the coin is up roughly 40 percent from 2022 lows. XRP buyers have failed to break higher, printing new H2 2022 highs. Therefore, traders can wait for a solid break above $0.40 before riding the emerging trend, targeting $0.45. On the reverse side, sharp losses below the middle BB and $0.35 will pour cold water on XRP buyers, possibly forcing prices back to $0.30.
What to Expect from XRP
The project's associated fundamental factors may increase prices in the medium term. For now, the primary short-term trend is bullish, but a clear-cut trend definition must exist before traders commit. Any pullback from recent highs to below immediate support levels may see XRP drop and align to the May and June 2022 trend.
Resistance level to watch: $0.40
Support level to watch: $0.35
Disclaimer: Opinions expressed are not investment advice. Do your research.
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