Can XRP Price Overcome Selling Pressure to Reach $0.55?
As the bullish hype generated by several U.S-based companies filing for spot Bitcoin ETF fades, the crypto market witnessed a significant downturn this week. Amid this sell-off, the XRP price breached the support trendline of ascending triangle pattern. Losing this crucial support which carried an uptrend in the last 4-hour months could trigger a major correction in this sixth-largest cryptocurrency.
Also Read: Bitcoin Holdings Shift: Institutions Accumulate BTC as Exchange Balances Plummet
XRP Price Daily Chart:
- A breakdown below the support of triangle patterns sets the XRP price for 10%
- The 200-day EMA support could be a game changer and invalidate the bearish thesis
- The intraday trading volume in the XRP is $891.2 Million, indicating a 4.3% loss.
Source- Tradingview
The XRP price rallied a sustained recovery under the ascending triangle pattern for nearly four months. The buyers obtained suitable support at the pattern’s rising trendline to accumulate this coin at dips.
However, amid the recent sell-off in the crypto market, the coin price showed a massive breakdown from the support trendline. The XRP coin has remained an underperforming asset throughout June and a downside breakout from a bullish pattern reflects the aggressive nature of sellers.
By the press time, the XRP price trades at the $0.466 mark, and if the selling pressure persists, the sellers will approach a potential target of $0.42, followed by $0.4.
Can XRP Price Breach $0.55?
With an intraday gain of 1%, the XRP price printed a green candle to test the resistance strength of the breached trendline. The 200-day EMA slope supported this jump indicating a last opportunity for buyers to replenish bullish momentum. A rise above the overhead trendline with candle closing will invalidate the bearish thesis and bolster buyers for higher recovery.
- Moving Average Convergence Divergence: The MACD(Blue) slope below the signal slope(orange) reflects the selling momentum in active
- Exponential Moving Average: The XRP price wobbling between the range of 100-and-200-day EMA could create a sideways action for a few days.
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