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XRP, the sixth-largest cryptocurrency has been witnessing an aggressive downfall as Grayscale’s liquidation of its Bitcoin holdings intensified the market supply pressure. Within a fortnight, the coin value has tumbled from $0.62 to $0.51, registering an 18.2% loss. The XRP price is currently struggling to sustain above a year-long support trendline, indicating the asset is on the brink of aggressive downfall or new recovery.
Why XRP Price Is Poised for Bullish Reversal
- The XRP price will remain in a sideways trend trend until the triangle pattern is intact.
- The coin buyers may witness highlighted demand pressure at the lower trendline of the triangle pattern.
- The intraday trading volume in the XRP is $947 Million, indicating a 69% loss.
The XRP price has experienced a gradual recovery since early 2023, supported by an ascending trendline. This trendline has effectively provided support during significant market downturns, encouraging buyers to maintain an upward trajectory.
Notably, the coin has rebounded from this rising trendline on three occasions, demonstrating continued investor interest in acquiring XRP during dips—a clear indication of bullish sentiment.
As of the latest data, XRP is trading at $0.527, reflecting a 3.5% decline on the day. If the current selling pressure persists, the coin’s value might further decrease by approximately 2.5%, potentially reaching the lower trendline at around $0.512.
Should XRP maintain its position above this support level in the forthcoming days, investors can anticipate an additional upward movement, continuing the existing sideways trend.
For XRP to embark on a steady recovery path, it’s crucial for buyers to overcome two key resistance trendlines, depicted as blue and green in the accompanying chart. A decisive break above these trendlines would indicate an end to the ongoing consolidation phase and signal the beginning of a new phase of recovery
Key Levels to Watch
If XRP price breaks above its overhead trend line, it could trigger increased buying, potentially driving prices to $0.70 and $0.75. Conversely, a break below the lower trend line might signal a bearish shift, possibly pushing prices down to $0.47 and $0.42, as sellers gain dominance in the market.
- Exponential Moving Average: The XRP price trading below both the 50 and 200-day EMA indicates a sideways to bearish market sentiment
- Average Directional Index: the ADX slope at 29% points towards an aggressive bearish momentum, further solidifying the prevailing downward trend.
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