MEXCThis Technical Resistance Restrict XRP Price Recovery; Will The Decline Continue?
Amid the ongoing uncertainty with XRP vs Sec lawsuit, the coin price witnessed significant selling despite the sideways sentiment in the market sentiment. With an intraday drop of 2.23%, this altcoin has breached another support of $0.35. Thus breakdown offers an additional resistance level on the seller’s side to limit price recovery.
Key points:
- The $0.35 support breakdown sets the XRP price for a 6.2% fall
- The coin price will maintain a downward trend until the overhead resistance trendline is intact.
- The intraday trading volume in the XRP price is $741.2 Billion, indicating a 111% gain.
Source- Tradingview
Over the past three weeks, the XRP price was steadily falling under the influence of descending trendline. The prices have reverted from this trendline three times, suggesting a selling on rallies motive is driving the market sentiment.
However, with the recent sell-off in the crypto market, the XRP price witnessed significant outflow and accelerated downward spiral. On December 14, the last reversal from the overhead trendline resulted in a 13.7% fall within the last seven days.
Amid this downfall, this altcoin has breached multiple support, with the most recent one of $0.35. With a sufficient rise in volume, a long-red candle breakdown from mentioned support indicates the sellers are confident about reaching lower levels.
Thus, with sustained selling, the XRP price may tumble another 6.2% to revisit the $0.32 mark.
Conversely, if the buying pressure rises in the crypto market, this holder may experience a bullish pullback to the resistance trendline before resuming the prevailing downfall.
Having said that, the sidelined traders waiting for buying enter should wait for the XRP price to breach the overhead trendline.
Technical Indicator
Relative Strength Index: the RSI indicator, which reflects the strength of a price trend, dives deeper into the bearish territory. This downfall accentuates the rising bearish momentum and negative sentiment in the crypto market.
EMAs: the crucial EMAs(20, 50, 100, and 200) leaning downwards offer additional selling pressure to XRP price
XRP intraday price levels
- Spot price: $0.34
- Trend: Bearish
- Volatility: Low
- Resistance level- $0.35 and $0.38
- Support level- $0.32 and 0.3
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