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The virtual coin Ripple (XRP)trade is currently trading at $0.328605. Looking at the chart below, we can see that the price is moving in a sideways trend after a downfall; this can be used for swing trading.
We see the formation of bearish engulfing pattern which is a bearish pattern indicating further downfall. Current resistance is at $0.3228 and support is at $3.222. These levels can be used for swing trading.
According to Dow Theory, the cryptocurrency was in the panic phase but currently it is appearing in the accumulation phase which is an area from where the price shoots up; this is generally considered as a great buying point and this is the time when the informed investors (experienced traders and institutions) are usually entering their positions. The price movements during the accumulation phase are slow, and the accumulation phase often falls into the end of a downtrend.
Looking at the Bollinger Bands, we can see that the pattern is not predefined, and a continuous expansion and compression of bands is seen. Wait for the band to expand and take the position in the direction of the same momentum. The RSI is currently indicating that the digital coin is oversold. Once the price moves between the channels wait for the price to breakout and take position in favor of the momentum.
Taking 9 period moving averages (blue) with 21 period moving averages (red), a bearish crossover is seen. With the price moving below 21 period moving average and below 9 period moving average, the crossover was seen 2 weeks ago, and also the volume is below the 10 period moving average. No position should be taken until a fresh crossover is seen.
The XRP price is currently moving between the channels with resistance at $0.328 and support at around $0.3222. There is currently no sign of good upward rally, so the above mentioned levels can be used for swing trading.
It is not suggested to take any long position at the moment as there is no specific indicator showing an upward growth. Moving averages show bearish outlook but both the moving averages are almost touching so it depends in which direction they move further.
Currently there is no indicator indicating a positive upward growth, but we expect the price to remain moving between the channels and swing trading could be done.