- Ripple trades 1.29% lower on Thursday as bulls and bears compete for the handful of 0.20.
- The price entered a channel formation with an upward tilt.
4 hour XRP / USD chart
The ripple remains in an uptrend on the 4 hour chart below. The price continues to make higher ups and downs, but it appears that the bulls have stalled at 0.20. This is visible on the volume histogram at the bottom as it has dropped significantly. The two key areas are now the blue resistance area and the red support a two-way break will give us clues about the price trajectory in the future.
Looking at the technical indicators now, the price remains above the moving averages of periods 55 and 200. This is still considered bullish as they have been well used in the past. The RSI indicator also shows a lower trough while the price has made a higher trough. This is called a bullish failure swing and can sometimes indicate that there is a certain bullish coming.