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.
Trending Stories
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.
- Hard Fork Vs Genesis Chain: Terra Team Clears Air Around Debate
- Prominent Investment Officer Predicts More Downside For Bitcoin Price, Here’s Why
- Investors Move $141 Million Out Of Crypto: CoinShares Report
- Just In: S. Korea Police Seek To Guard LUNA Assets
- Incoming Shiba Inu Rally? Over 22 Billion SHIB Tokens Burned Across 497 Transactions
- French Luxury Brand Balenciaga To Accept Crypto Payments In U.S.
- PayPal May Soon Accept All Forms Of Crypto Reveals Vice-President
- Crypto Analyst Predicts What Will Kickstart Next Bitcoin Bull Run
- Just-In: South Korea May Sue Crypto Exchanges Over Terra Crash
- Breaking: S. Korean Exchanges Redflag Litecoin Mimblewimble Update; May Delist LTC
- What Next For The Fast Recovering FTM Price?
- Ethereum Price Analysis: Triangle Pattern Foretells Upcoming Rally in ETH
- Zilliqa Price Analysis: Channel Breakout Hints ZIL Price to hit $0.1
- Bitcoin Price Analysis: Trapped Bullish Momentum Need Triangle Breakout
- FTM Price Analysis: Buyers Tease Breakout From Long-Coming Trendline
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Solana Price Prediction 2022: Bulls to drive SOL Price to new Highs?
- Theta Price Prediction 2022 : Analysts Insights into the crucial Reversal levels
- Sandbox Price Prediction 2022 : Analysts Show Optimism Towards The Metaverse SAND Token
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
