XRP Price Analysis: Should Enter $XRP at $0.65 Dip?
XRP Price Analysis: Struggling under high bearish pressure ever since the cool-off rally started off the SEC case, the XRP price continues to decline. With a 20% drop over the last two weeks, the Ripple coin price struggles to find a footing and make a bullish reversal. Retracing deeper into the bearish quicksand will prices manage a comeback or will it crumble below the $0.60 mark?
Also Read: XRP20 Presale Goes Live On Ethereum – The ‘Next Evolution’ Of XRP With Staking
XRP Price Daily Chart:
- The narrow range available within the chart pattern forms a no-trading zone.
- The downsloping EMAs(20, 50, and 100) offer additional resistance amid the ongoing correction phase
- The intraday trading volume in the XRP is $1.33 Billion, indicating a 7.6% gain.
Source: Tradingview
The XRP coin price has been following a downward trend, forming a falling wedge pattern in the four-hour chart. Recently, it experienced a significant 20% drop in value over the last two weeks, bringing the price below the $0.70 mark.
Currently, the XRP price is moving away from the resistance trend line, resulting in a 5.79% drop in the last 24 hours. On the other hand, the four-hour chart shows that buyers are rejecting lower prices, indicating their acceptance despite the selling pressure.
According to the Fibonacci retracement level, the coin price finds support at the 61.8% level and the 200 EMA at $0.65.
[converter id=”xrp-xrp” url=”https://coingape.com/price/converter/xrp-to-usd/?amount=1″]
What’s Next for XRP Price?
If XRP manages to surpass the overhead supply at $0.69, it could lead to a bullish breakout, possibly reaching the $0.80 mark. However, if it breaks down below the 50% support level at $0.65, it may lead to a market decline and test the bullish dominance at $0.60 psychological support
- Exponential Moving Average: The declining 50 EMA projects the possibility of a death cross with the 200 EMA in the four-hour chart.
- Relative Strength Index: The RSI indicator shows a positive divergence within the wedge pattern, increasing the likelihood of a bullish reversal leading to an upward breakout.
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