Ripple has lost 0.47 percent of its market value in today’s trading session after opening the market at $0.2424. The prices reached highs of $0.2430 and lows of $0.2401, wiping out yesterday’s gains before a small pullback to the current prices.
1-Day Ripple price analysis
The last four days have seen the market prices trading sideways after a strong bearish move, forming a bearish move on the daily chart. For months now, the prices have been bullish, trading along an ascending trendline, which has acted as a support every time the prices push upwards with momentum.
Currently, the prices are trading within a support and resistance structure. Having retested the resistance level at $0.2604, the prices are currently on a downward trend, and in the last four days, ripple has been trading in a bearish flag and within a striking distance of hitting the ascending trendline.
Ripple prices; What next?
The prices are expected to continue with their downward move on the daily chart until they hit the ascending trendline’s support level. The prices will likely have a small pullback, but the bearish bias will still be strong.
The prices are then expected to break out of the ascending trendline to the downside, where ripple prices are expected to retest the support levels at $0.2185. Therefore, long-term traders on daily charts should consider taking short positions and aiming for the $0.2185 support levels.
Ripple short term trading opportunities on 1-hour chart
The hourly chart shows that the prices are currently trading in a bearish flag after a strong bullish move lost momentum. The hourly charts also show that the bearish move has formed an ascending channel. In the last four days, the prices have traded within this channel, testing and retesting the upper and lower trendlines of the channel as they continue trading sideways.
Currently, the prices are bouncing off the lower trendline after retesting the support level on the trendline. Therefore, traders working on hourly charts should consider going long for now. This is because the prices are expected to continue with their bullish move and will likely retest the channel’s upper trendline, providing long positions opportunity for short term traders.
However, short-term traders should also be aware that the prices will more likely drop again as they look to retest the lower trendline and trade within the channel once they hit the upper trendline of the channel. Therefore, after the prices hit the channel’s upper trendline, traders should consider getting out of their position and looking for short opportunities instead.