Image credit: source

  • XRP on the daily chart has overturned the 200 EMA as resistance, further retracement in price could trigger Death Cross
  • The current price of the XRP token is $0.57 established on the back of a 13.38% decline in the past 24 hours
  • In contrast, the XRP/BTC pair is trading at 0.0001781 with an loss of 13.37% at press time 

XRP on the daily chart has witnessed significant selling pressure as evidenced by the reversal of the 200 EMA as dynamic resistance. This was followed by a 35% drop which provoked the bears to establish the upper hand. 

May’s bloodshed momentum contributed towards XRP trading inside a bearish pennant. After maintaining a sluggish momentum inside the pattern, XRP bears dominated the trend by breaking out from the pennant. This gave rise to a substantial hit in the price, followed by the likelihood of a Death Cross between the critical EMS. 

Presently, XRP is hovering at a vulnerable position after rejecting the $0.65 support cushion. This being said, the token is one of the worst performing coins owing to Bitcoin’s bearish bias, as confirmed by the 25% hit since May’s flash crash. However, the bulls can count on the current price level to temporarily support an upward trajectory on the grounds of excessive buying pressure. 

Today’s volume of ($62 M) is commanding over the 20 period Moving Average which is situated at ($20 M). Significant amount of buyers on the hourly time frame suggest the bulls are attempting to hijack the downtrend and construct reversal. On the off chance that XRP price breaches the overhead resistance of $0.65, the token could witness upward trajectory. 

On the flip side, the loss of this key support level could result in the awakening of a 20% downswing. The next key support cushions to look forward to are $0.044 and $0.031 respectively. 

XRP Price Chart on the 2-hour chart 

XRP price chart on the 4-hour chart has broken out from the Descending Parallel Channel. Today’s low at $0.51 has triggered immense buying pressure as demonstrated by the enormous volume. If the buyers continue to shed demand, the price of XRP can attempt to breach the bearish 0.236 retracement at $0.63. 

Despite the fact that the bulls are attempting to enforce recovery, the halt in price could be due to the stabilization of the RSI. The Relative Strength Index is projecting minor bullish divergence after taking a hit inside the oversold territory. 

On the other hand, the MACD is maintaining its bearish bias as demonstrated by the accelerating histogram inside the negative territory. A decline in the histogram could stimulate a bullish crossover between the MACD and the signal line. 

SUPPORT : $0.44, $0.31

RESISTANCE : $0.65

(Excerpt) Read more Here | 2021-06-23 08:50:16

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.