MEXCXRP Price Analysis: This Chart Pattern keeps XRP Coin Bullish in the Long Term; Invest Now?
XRP Price Analysis: The ongoing correction phase in the XRP price can be traced by two downsloping showing the formation of a falling channel pattern. The falling XRP price continues to resonate within this pattern and has recently breached another horizontal support indicating this altcoin is poised for further downfall. However, considering the bigger picture, the current correction seems like a temporary pullback that can be used to accumulate this coin.
Key Points:
- A potential bearish crossover between the 20-and-100-day EMAs may accelerate the selling pressure in the market.
- A breakout from the overhead resistance trendline will signal the end of a correction phase
- The intraday trading volume in the XRP is $780.4 Million, indicating a 14% gain.
Source- Tradingview
On May 8th, the falling XRP price gave a massive breakdown from a significant support level of $0.434-$0.433. This breakout may intensify the underlying selling momentum, tumble the prices 12-13%, and hit the long-coming support trendline.
The daily time frame chart shows the XRP price is receiving significant support from the ascending trendline of a rising channel pattern. The price has rebounded from this support multiple times since last year indicating the buyers have been aggressively accumulating at this support.
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Thus, the prolonged downfall may push the price back to the rising trendline offering a dip opportunity to interested traders. A potential reversal from this trendline may initiate a fresh recovery cycle in the XRP coin.
Technical Indicator
Relative Strength Index: A steady drop in the daily RSI slope reflects the strong selling momentum in the market.
Exponential Moving Average: Along with $0.433, the XRP price also lost the 200-day EMA slope indicating an additional confirmation for an extended downfall.
XRP Coin Intraday Price Levels
- Spot price: $0.422
- Trend: Bearish
- Volatility: High
- Resistance level- $0.48 and $0.53
- Support Level- $0.408 and $0.358
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