XRP price consolidates for the past few sessions after recovering 30% of losses witnessed in the previous week. To maintain the current momentum the bulls must stay above the vital support level and maintain momentum to discard further losses.
advertisement
- XRP price started the session on a higher note but holds the gains as lacking strong buying momentum.
- However, consolidation near $0.45 with average volume indicates a breakout is imminent.
- A daily candlestick below $0.40 would ignore any bullish arguments for the asset.
XRP price seeks sign for upside momentum
XRP price followed the footsteps of the wider crypto market meltdown experienced in the previous week. The token depreciated nearly 21% and fell for the seventh consecutive week. XRP tested 18-month lows but managed to bounce back.
As a result of the extreme downsizing, it is imperative for XRP to register a bullish mean reversal, at least for the short time as per the market structure. On weekly, daily, and hourly charts, the technical oscillator’s value hit record lows or traded at the historic all-time lows.
Trending Stories
Looking at the 4-hour chart, the XRP faces upside pressure near the higher level near $0.46 to $0.44.
However, the price still trades below the 50-day and 100-day EMAs (Exponential Moving Average). A renewed buying pressure would push the price to get the 50-day EMA at $0.45 followed by the psychological $0.50 mark.
On the flip side, a shift in the bearish sentiment would continue with the downside momentum. If the price breaks below the session’s low it would revisit Friday’s low of $0.38.
Technical indicators:
RSI: The relative strength index hovers near the average line with no clear directional bias. It reads at 46.
MACD: The moving average convergence divergence trades below the midline with increasing bullish momentum.
advertisement
As of press time, XRP/USD trades at $0.42 up 1.03% for the day.
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Polygon Price Analysis: $0.45 Fallout could Plummet MATIC price by 25%
- ETH Price Analysis: Can $1000 Support Undermine Selling Momentum?
- BTC Price Analysis: Technical Indicator hints Upcoming recovery for Bitcoin
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
