MEXCXRP Price Analysis: Symmetrical Triangle Pattern Fallout Signals More Bloodshed In XRP
The overall trend for the XRP price remains sideways. However, the recent sell-off in the crypto market has triggered a fallout from the symmetrical triangle pattern. If the sellers could sustain the coin price below the broken support trendline, the crypto traders could expect a free-fall in XRP price.
Key technical points:
- The weekly RSI slope approaching the oversold zone
- 20 and 50 MA Hints bearish crossover in the weekly time frame
- The intraday trading volume in the XRP coin is $846 Billion, indicating a 19.6% hike.
Source- Tradingview
In our previous coverage on XRP technical analysis, the XRP buyers were retesting the triangle pattern’s support trendline to regain bullish momentum for a new rally. However, last week’s crypto bloodbath set off a breakdown from the chart pattern, suggesting a further downslide in XRP price.
The XRP price action currently shows a retest phase which would validate for sufficient supply pressure from the overhead trendline($0.7).
The XRP price obtained strong support from the weekly-100 EMA line, interrupting the sellers to dump the coin any lower. Conversely, the coin chart foretells a bearish crossover of the 20 and 50 MA in the near future.
The weekly Relative Strength Index (38) downward slope would soon sink to the oversold territory if the bears maintain the selling momentum.
XRP Buyers Defending The $0.53 Mark
Source- Tradingview
The technical chart shows lower price rejection candles at $0.525 support, hints at a bullish pullback to retest the flipped resistance trendline(0.7). If the buyers failed to surpass the $0.7 resistance, the sellers would step in to continue the downfall.
The average directional movement index(20) slope traveling a steady rally shows the seller dominating over this coin.
- Resistance Level: $0.7, $0.857
- Support Levels: $0.525 and $0.632.
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