XRP Has Broken Below Its Long Standing Support, What’s Next?
24 Mai 2022 - 4:00AM
NEWSBTC
XRP flashed lateral price movement at the time of writing. The coin
register some gains over the last 24 hours however, it was quite
minor. Bulls are not completely back in the market yet. For bulls
to be back in the market, it is essential for XRP to move above the
$0.60 mark. Technical outlook of XRP hasn’t completely pointed
towards a recovery because the bears are still in charge of the
price. The one day chart of the XRP has continued to depict
bearishness on the chart. Over the last week, XRP fell by almost
7%. Although the coin has printed a symmetrical pattern on the
chart, which also means that XRP has a chance of moving on the
upside it is uncertain if the altcoin will be able to hold onto its
current price action. This directional breakout from the
symmetrical triangle could either make the altcoin trade towards
the north or towards the south. XRP Price Analysis: One Day Chart
The altcoin was trading at $0.41 on the one day chart. XRP was also
trading beneath its long standing support line of $0.42. The asset
hadn’t gone below the aforementioned price level in almost over a
year. A push below the current price mark will make the coin trade
beneath the $0.30. A break below the $0.30 price mark could push
XRP near the $0.24 price level. Since the coin registered a small
symmetrical triangle and it can be so that XRP can either go up or
down from here, the overhead resistance for XRP was at $0.48. For
bearish thesis to be invalidated the coin needs to trade above the
$0.56 resistance mark. Technical Analysis XRP recovered on the
chart and the coin moved away from the oversold region. The
Relative Strength Index was above the 20-mark, which meant that the
coin wasn’t undervalued. Buying strength came back in the market
but the altcoin was still in the grasps of the sellers. If
continued selling pressure remains then the coin might trade close
to the immediate resistance mark. The asset was also below the
20-SMA line and this is in accordance with sellers being in
control. This reading meant that sellers were responsible for the
price momentum in the market. Suggested Reading | Ripple (XRP)
Plunges To $0.43 With Bears In Full Swing Bollinger Bands are used
to depict the price volatility of the asset. On the one day chart,
Bollinger Bands were seen wide open. This reading meant that the
coin was not about to witness immediate price fluctuations in the
market. It can be so that the coin might continue consolidating
over the next trading sessions. Awesome Oscillator depicted green
signal bars as price momentum was slowly registering a bullish
change. The green signal bars also mean that there is a buy signal
in the market which correlates to positivity in terms of price
action. If buyers act on it then the coin might manage to move
upwards but it is still uncertain if that would be the case.
Related Reading | Ripple Price Falls Below $0.43 As Bears Take
Control Of The Market
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