XRP is close to recording another week with a Doji candle.
A Doji candle is a candle where the open and the close are around the same point and typically reflects uncertainty from traders.
Price has not made a significant move on the weekly chart for XRP since early January.
Price had been consolidating forming higher lows and lower highs, and although the price has made a small movement downward, it has continued to consolidate on the longer-term weekly timeframe.
Both the weekly RSI and MACD have been trading flat since early January also showing no clear advantage to either buyers or sellers.
Price has mostly been trading around the $0.313 level which has been acting as both support and resistance.
Although price remained above this level upon exiting the triangle pattern, a drop below followed.
Price dropped to below $0.305 which has been an important support level in prior price action on the hourly timeframes.
Although the price dropped below this level, buying pressure quickly came in to bring the price back below.
The last two 4-hour candles have recorded losses, and it looks likely that price is currently moving back down to test $0.305 as a support level.
Each test of $0.305 weakens the strength of the level as support with progressively fewer buyers to hold the level on each test.
Although XLM has also been forming a small-bodied candle showing uncertainty from traders, there was more intra-week price movement from XLM.
Price continued to increase at the start of the week, following from four weeks of prior price increases.
Price began to reverse as it approached $0.12 and has since fallen below $0.108 which formerly acted as resistance.
The price briefly found support at $0.108 upon dropping from recent highs.
Price sharply sold off as it dropped below $0.108 and met a potential area of buyer liquidity at $0.1 as it quickly found buying upon reaching this point.
$0.1 may also hold some importance as a psychological level with traders potentially unwilling to let prices drop to sub $0.1 levels.
Price has since moved back up to test $0.108 as resistance but failed to overcome the level.
- Both XRP and XLM are forming small-bodied candles on the weekly chart, but there has been more intra-week price movement from XLM.
- XRP came to an end of a consolidation pattern it had been forming and dropped below $0.313 support to $0.305.
- The price of XLM failed to surpass $0.12 and has since dropped to $0.1 where it found buying pressure.
- $0.108 is another level to monitor for XLM.