Key Highlights:

After surging past the $1.20 mark this weekend, Ripple (available on Binance) dropped back down to close to $1.10 today
A triangle pattern has formed, indicating XRP could be trading in the range of $1.10 to $1.11 for the rest of the day
A major support level is held at $1.10, along with a resistance of $1.15

Ripple (available on Binance) Pulls Back to $1.10, Testing Support

After surpassing the $1.20 mark this past weekend, Ripple (available on Binance) dropped back down toward the $1.15 level earlier today and then further down to $1.10 later in the afternoon. However, the cryptocurrency has generally held steady on a daily basis for the week, and the good news is that it is finally back above $1.00 and now up by nearly 8% since last week.

A triangle pattern has formed, binding XRP price to a range from $1.10 to 1.11 for the rest of the day. Ripple (available on Binance) could also be testing its support at $1.10 later, the outcome of which would indicate the next major price movement.

Source: Tradingview

Both the MACD and RSI indicators are showing weak bearish signals, so it is unlikely for XRP to return to $1.15 anytime soon. Investors will need to monitor the price actions later to determine whETHer the bearish signals are significant enough.

On the other hand, the candlestick patterns are showing an imminent bullish reversal, so a short-term upside of $1.12 is still a possibility. In the long run, XRP must test a major resistance at $1.15 in order to return to $1.20 once again.

Looking at the Technical Indicators:

Hourly MACD & RSI — Both indicators are giving bearish signals
Major Support Level — $1.10
Major Resistance Level — $1.15

Featured Image: Depositphotos/© Melpomene

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.