RATE Group | Ripple (XRP) Price Analysis: Possible Double Bottom or Still Too Early?
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Ripple (XRP) Price Analysis: Possible Double Bottom or Still Too Early?

14 Sep Ripple (XRP) Price Analysis: Possible Double Bottom or Still Too Early?

Posted at 12:29h in Ethereum News by

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Ripple is finding support around .2500 and may be due to complete a reversal pattern.

Ripple bulls are once again defending support at .2500, possibly creating a double bottom reversal pattern seen on the 4-hour chart. Price has still quite a bit of room to cover before testing the neckline at .3500 and has to break past this to confirm that an uptrend is underway.

If so, Ripple could climb by roughly .1000 or the same height as the chart formation. The moving averages are still oscillating, which suggests potential consolidation or that the battle between bulls and bears is pretty tight.

RSI is on the move up to suggest that buyers have the upper hand, but the oscillator is nearing overbought levels to reflect exhaustion. Stochastic is also testing overbought territory and might turn lower soon to signal a return in selling pressure.

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