Claim BonusXRP Price Analysis: Trendline Reversal Could Dump XRP Back to $0.3
Multiple retests to the descending trendline indicate the Ripple (XRP) traders are actively selling at this resistance. Furthermore, the recent bullish reversal from the $0.3 support drives the altcoin to shared resistance of the downsloping trendline and the $0.375 mark. However, the higher price rejection attached to today’s daily candle suggests the continuation of the prevailing downtrend.
Key points:
- XRP price shows long tail-rejection at $0.375 resistance
- The RSI slope struggles to rise above the neutral line
- The intraday trading volume in the XRP is $2 Billion, indicating a 131% gain.
Source- Tradingview
From Mid-may to early June, the crypto market witnessed high volatility to which the XRP/USDT pair responded with a descending triangle pattern. Thus, on June 11th, the coin price breached the $0.375 neckline support and dropped to a low of $0.29.
While the world’s largest cryptocurrency shows sustainability above the $20000 mark, the XRP price bounced back from the $0.3 psychological support. The recovery rally surged 25% earlier today, challenging the combined resistance of $0.375 and descending trendline.
However, the high supply pressure at this resistance reverts the XRP price lower, displaying long-wick rejection. If the selling pressure persists and gives a candle closing below the resistance trendline, the altcoin will continue its downward spiral and threatens a $0.3 breakdown.
Furthermore, the coin traders can expect genuine recovery signs if the XRP price breaches the overhead trendline.
Technical Indicator
Following a bullish divergence, the daily-RSI slope shows a sharp rise towards the equilibrium. However, similar to price action, the indicator line struggles to surge above the 50% mark, indicating weakness in bullish commitment.
However, this recovery rally has reclaimed the 20-day EMA, which acted as a dynamic resistance since April. This breached resistance could flip into viable support and prevent sellers from revisiting $0.3.
- Resistance level: $0.40 and $0.45
- Support levels: $0.3 and $0.25
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- Rick Rieder’s Fed Chair Odds Rise as BlackRock CIO Calls for Rates to Fall to 3%
- Fed Rate Cut: Trump Calls for Powell to Lower Rates After Soft CPI Inflation Report
- Breaking: U.S. CPI Inflation Comes In At 2.7%, Bitcoin Rises
- Bitget Launches One-Click Bot Copying for Crypto Users as Algorithmic Trading Goes Mainstream
- Senate Releases Amended CLARITY Act Ahead of Markup as Stablecoin Yields Come Into Focus
- Bitcoin Price Eyes $100k as Core US Inflation Slips Ahead of CLARITY Act Markup
- Why Is MSTR Stock Price Down Despite Recent Bitcoin Purchase
- Pi Coin Price Prediction: How Mainnet Migration and New Tokens Supply Could Affect Pi Network?
- Crypto Stocks To Watch: MSTR, Metaplanet, and S&P 500 price
- Solana Price Targets $200 as WisdomTree Declares Its Dominance Structural
- Bitcoin Price Prediction Amid DOJ Probe as Powell Indictment Fears Cool
