XRP 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
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