On the daily chart, Ripple (XRP) is below the SMA of 21. Since July 21, it had received support at the SMA of 21 which led it to rise to the high of 1.4124, but on July 07 September it fell below this moving average and is now consolidating below this level showing a bearish bias.
This SMA of 21 is gradually descending. Now the price is at 1.1640 showing strong bearish pressure for Ripple below this level. If the bearish force increases, Ripple could fall to the support of the EMA of 200 at 0.8480 in the short term.
A rising wedge pattern could be in progress. A break below this technical figure could step up selling pressure. If the XRP price consolidates below 1.06, it could fall to the psychological level of 1.00 and up to the low of September 7 at 0.95 (5/8 murray).
Contrary to this, if the bulls push and hold the price above the 21 EMA and it consolidates above 1.1640, it will indicate that the correction could be over and Ripple may rise to the 1.3672 level, if the bullish force prevails up to the line of 8/8 murray located at 1.5625.
The technical reading of the eagle indicator on the daily chart is showing a bearish signal. So, while XRP is below the SMA of 21, it will be a good opportunity to sell.
Support and Resistance Levels for September 16 - 17, 2021
Resistance (3) 1,2017
Resistance (2) 1,1647
Resistance (1) 1,1398
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Support (1) 1,0779
Support (2) 1,0409
Support (3) 1,0160
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Trading tip for RIPPLE for September 16 - 17, 2021
Sell below 1,1640 (SMA 21), with take profit at 0,9796 (5/8) and 0,8480 (EMA 200), stop loss above 1,2017.
