At the time this article was written, XRP showed lateral price movements. Although the coin saw some slight gains in value over the past 24 hours, these were very minor. The bulls have not returned completely to the market. To be bulls back in the market it’s important that XRP moves above $0.60.
Technical outlook of XRP hasn’t completely pointed towards a recovery because the bears are still in charge of the price. The XRP one-day chart continues to show bearishness. The XRP has fallen by nearly 7% in the past week.
The coin printed a symmetrical chart pattern which means that there is a possibility for XRP to move up, but it remains uncertain whether the altcoin will continue its price action.
The symmetrical triangle’s directional breakout could lead to the trade in altcoins towards the north or south.
The XRP Price Analysis for One Day
Altcoin trades at $0.41 per day on the daily chart. XRP traded at $0.41 on the one-day chart, below its steady support of $0.42. The asset hadn’t gone below the aforementioned price level in almost over a year. If the price falls, the coin could trade at $0.30.
A dip below $0.30 could see XRP close to $0.24. The overhead resistance of XRP at $0.48 was established because the coin displayed a small, symmetrical triangle.
In order to invalidate bearish thesis, the coin has to trade above $0.56 resistance.
Technical Analysis
The chart showed XRP recovering and the coin moving away from its oversold area. The Relative Strength Index was above the 20-mark, which meant that the coin wasn’t undervalued. Although buying power returned to the market, the altcoin was still within the reach of sellers.
The coin could trade near the resistance level if there is continued selling pressure. Also, the asset fell below the 20 SMA line. This indicates that sellers were in control. According to this reading, the market was experiencing price momentum because of sellers.
Ripple (XRP) Plunges To $0.43 With Bears In Full Swing| Ripple (XRP) Plunges To $0.43 With Bears In Full Swing
Bollinger Bands can be used to illustrate the asset’s volatility. Bollinger Bands can be clearly seen on the day chart. This indicated that there were no immediate fluctuations in price for the coin.
This could mean that the coin may continue to consolidate over the coming trading sessions. The Awesome Oscillator displayed green signals bars as bullish price momentum.
A green signal bar indicates that the market is showing a buy signal. It correlates to positive price action. The coin could move higher if buyers take advantage of it, but that is not certain.
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