XRP Continues To Move Laterally, Does It Have A Bearish Target Now?
17 Juni 2022 - 03:00AM
NEWSBTC
XRP has been hovering within a price range over the past few days.
Over the last 24 hours, the coin attempted to move slightly on the
upside. The market movers also noted slight uptick on their
charts after the Federal Reserve raised interest rates by 75-basis
points. Technical outlook for XRP continues to paint bearish
picture for the coin. The altcoin could soon attempt to move near
its next support zone. Price of XRP has just managed to remain
above the $0.30 mark. Immediate fall will push the coin to trade
near the $0.24 price level. Sellers are still in panic mode as the
asset continues to hover near the extreme selling zone on the
chart. Bulls have tired out as choppiness has taken over the
market, XRP over the last two days flashed an increase in buying
strength but as the coin fell in value again, sellers have taken
over. The global cryptocurrency market cap today is at $941 Billion
with a fall of 0.5% in the last 24 hours. XRP Price Analysis:
One Day Chart The altcoin was at $0.31 at the time of writing. It
seems to have found its support at the $0.24 price level. After
consolidating between $0.40 and $0.30 levels respectively, its
looks as though further downside could be on the charts. Overhead
resistance could be pointed at $0.38 as the coin has struggled to
move past that aforementioned level lately. In the last week
itself, XRP slumped by 22%. At the moment, the altcoin has fallen
by 90% from its all time high value of $3.40. Price of XRP last
touched these lows in the month of February 2021. Trading volume
displayed an increase signifying a sell-off. The bar was in the red
which is a signal of bearish price action prevailing in the market.
Technical Analysis The asset has touched the oversold region a
couple of times both in the month of May and June. Over the last 48
hours, XRP tried recovering from the undervalued zone but again
noted a fall in buying strength. In conformity with the same,
Relative Strength Index displayed a downtick and was moving close
to the 20-mark. Continued selling pressure can again make XRP fall
to the oversold region. Directional Movement Index determines the
direction of price change and the current price momentum. DMI was
negative as the -DI line was above the +DI line. ADX (Red) was
steady above 40, which signified strength in the current price
momentum. This meant that XRP could move further south. Related
Reading | XRP Consolidates, Is It Going To Retrace Now? Bollinger
Bands indicate price volatility or incoming price fluctuations in
the market. In the above chart, Bollinger Bands opened up which is
a sign of increased price volatility. Going by the other indicators
that point towards bearishness, the opening up of the bands can
also mean a further depreciation of price in the near term. Awesome
Oscillator displayed change in price trend and flashed red signal
bars. These red signal bars are linked to sell signal for the
asset. Going by the charts, Ripple might stay near the $0.30 price
level a little longer before the buyers cause the price to move
upwards. Related Reading | Bitcoin Amidst Relentless Sell Off; Is
It Targeting $13,000 Now? Featured image from UnSplash, chart from
TradingView.com
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