Analyze graphs: Ripple struck the local bearish trend. Waiting for growth?

Trading pair XRP/USD is slowly recovering from sharp falls last week. Cryptocurrency is gradually increasing, but before the upward movement is still there are several obstacles in the form of lines of resistance. From the results of their testing will depend on the fate Ripple this week.

The General situation looks like this:

  • a couple of days ago asset has fallen to the level 0,3100 dollar, and then started the correction of descending movement;
  • scale 1-hour chart, the bitcoin broke above the line of the local bearish trend at the point 0,3180 dollar;
  • right now XRP is moving inside ascending channel with support in the area 0,3160 dollar.

Today Ripple is trading at 0,3181 dollar. For the past day, the cryptocurrency fell by 0.96 per cent.

Technical analysis

Yesterday was not a strong Ripple falling below the level 0,3300 USD. Drain Aldona was accompanied by a decrease in Bitcoin and Ethereum, which had a negative impact on the rest of the stock market. The bears managed to lower the XRP below the psychologically important support zone 0,3200 dollar moving average and 100 SMA. After draining the asset has formed a local minimum at the level of 0,3102 dollar.

Fortunately, in time the bulls took the situation into their own hands. The collapse of the recoil, during which the Ripple got a new channel up. After a slight increase aldonu managed to break above the bearish local trend, which can be considered a positive signal for opening a long trading position.

Source: TradingView

However, we do not recommend to participate in the auction, as in the medium term, Ripple is still in a bearish trend. Final confirmation of the new bullrun will be the growth of cryptocurrencies above the line 0.4 dollar.

The readings of technical indicators also do not play into the hands of the bulls — MACD is returned to the bearish zone, as the RSI indicates the absence of a clear trend. For what is happening in the market watch by using a cool rating of cryptocurrency.

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