The price for XRP fell to levels it has not seen since almost 70-weeks ago. At the current time, XRP’s price have been trading near its immediate support level of $0.36.
Bitcoin’s future is uncertain as it attempts to rebound by crossing the $30,000 threshold. As of press time, it was back at $29,000.
The majority of the industry’s altcoins have continued to extend losses today. As of this writing, there is still a strong bearish pull on the market.
In the 24 hours since the bottom, there has been no price recovery.
Although a technical view of the coin suggests that relief rallies could be possible, the macro markets are still in fragile condition.
Strength from the broader market would be needed as well so that sellers don’t outnumber buyers in the market forcing prices to fall again.
Prices Analysis: One-Week Chart XRP
At the time of writing, $0.42 was traded in XRP. There were signs that the coin was on the verge of revival, with the price climbing by 10% within the last 24 hours. It’s still not clear if XRP will trade higher than its closest support line, $0.36.
Breaking below this level can lead to the coin falling to $0.13. XRP may trade at a higher level than $0.56, if buyers return.
XRP reached an identical high on its one-week chart. This pattern indicates bullish market price action. If XRP is able to surpass the resistance, it can reach $0.68. However, if it remains above this level, the bearish thesis can be invalidated.
The trade volume in XRP has increased.
Technical Analysis
XRP tried to bring about a price rebound, but selling pressure continues to tire the bulls. This is also evident in the 20-SMA indicator.
The price of XRP fell below the 20 SMA line. This indicates that the market was being driven by sellers.
After a market sell-off, buyers entered the Relative Strength Index. XRP could not be seen on the RSI in the Oversold Zone.
XRP fell again to bears after the recovery and RSI showed a decrease, which indicates increased selling pressure.
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With the price revival, XRP’s technicals have displayed an onset of positive price action. Although it is too early to determine if the positive price action is indicative of a change in direction,
On the 4-hour chart, Moving Average Convergence Divergence saw a bullish crossover. An indicator that flashed green growing histograms at the top of the chart indicated bullish momentum.
XRP may also experience a northward trend in price because the Chaikin money flow was higher than the zero-line. This chart shows the capital outflows and the inflows. At the time of writing, the inflows were greater than the outflows.
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