XRP breaks below its long-standing support

At the time of writing, XRP was displaying lateral price movement. The coin made some gains in the last 24 hours, but they were minor. Bulls have yet to fully re-enter the market. For bulls to return to the market, XRP must break through the $0.60(R9.48) barrier.

The technical outlook for XRP does not completely point to recovery because the bears continue to control the price. The one-day chart of the XRP has continued to show bearishness. XRP has dropped by nearly 7% in the last week.

Although the coin has printed a symmetrical pattern on the chart, indicating that XRP has a chance of moving higher, it is unclear whether the altcoin will be able to maintain its current price action.

On the one-day chart, the altcoin was trading at $0.41(R6.48). XRP was also trading below its long-term support level of $0.42(R6.64). In almost a year, the asset had not fallen below the aforementioned price level. A push below the current price level will cause the coin to trade below $0.30(R4.74).

If the price of XRP falls below $0.30(R4.74), it may fall as low as $0.24(R3,79). Because the coin formed a small symmetrical triangle and XRP can move up or down from here, the overhead resistance for XRP was $0.48(R7.59). To invalidate the bearish thesis, the coin must trade above the $0.56(R8.85) resistance level.

Technical Evaluation

On the chart, XRP recovered and moved away from the oversold area. The Relative Strength Index was above 20, indicating that the coin was not undervalued. Although buying power returned to the market, the altcoin remained in the hands of sellers.

If selling pressure persists, the coin may trade near the immediate resistance level. The asset was also trading below the 20-SMA line, indicating that sellers were in control. This reading indicated that sellers were responsible for the market’s price momentum. Bollinger Bands are used to depict the asset’s price volatility. Bollinger Bands were seen wide open on the one-day chart. This reading indicated that the coin was not likely to experience immediate price fluctuations in the market.

It is possible that the coin will continue to consolidate in the coming trading sessions. The Awesome Oscillator displayed green signal bars as price momentum began to shift bullish.

The green signal bars also indicate a buy signal in the market, which correlates to positive price action. If buyers take advantage of it, the coin may be able to move upwards, but this is still uncertain.

XRP breaks below its long-standing support

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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