XRP price extends the sideways movement with significant losses on Thursday. XRP continues to trade below $0.80 since March begins. The price could not sustain the recent ascent of 20% and crawl inside the ‘Symmetrical triangle’ formation from February 9.
- XRP price trades lower with significant losses.
- A breakout below $0.70 inside a Symmetrical triangle will trigger a new round of selling.
- Momentum oscillators remain neutral warn of aggressive bids.
XRP price apparently broke away from the downtrend in February. However, the upside stalled at $0.91 with the formation of an ‘Evening star’ formation.
XRP price awaits breakout
On the daily chart, XRP price consolidates inside the ‘Symmetrical triangle’, a breakout is on the way to set further directional basis. If the price breaks the session’s low and gives a decisive lower close then more pain for XRP is visible on the charts. As it already remains pressured at 50-day EMA (Exponential Moving Average) at $0.7547.
A break of the crucial $70.0 will extend the sell-off toward the $60.0 horizontal support line.
On the flip side, a resurgence in the buying pressure could result in the upper breakout of the pattern. The first upside filter is placed at the crucial $80.0 level.
A continuation of the bullish pressure will next take out the highs made on February 9 at $0.91.
RSI: The daily Relative Strength Index slips below the average line with a bearish bias. Currently, it reads at 47.
MACD: The Moving Average Convergence Divergence hovers near the midline since March 1 with no clear direction.
OBV: The On Balance Volume indicates supply increases as price declines.
As of publication, XRP/USD is exchanging hands at $0.72, down 4.71% for the day.
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