Red line- major resistance trend line
Blue lines- trading range
XRP has reached the end of August with price still trading inside the sideways trading range its been in since the beginning of June. Price remains below the major resistance trend line and with no sign of trend change. Price continues trading sideways between $0.28-$0.37. We continue to expect a move lower as the weekly RSI has not crossed over to oversold levels yet. A new lower low is expected and we remain bearish as long as price is below the red resistance trend line. Short-term bounce towards $0.52 is possible if price breaks above $0.40. Trends do not usually end with trading ranges and sideways movement. Trends usually end with a capitulation low or high. We have not seen a capitulation low and that is why I remain pessimistic for the near future.
Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Source: Forex Analysis & Reviews: Weekly XRP analysis for the end of August 2022.
