XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?
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The XRP price chart shows an overall sideways rally. However, this new year has only extended the correction phase, and the price has plunged to the $0.7 support. The daily chart shows several lower rejection candles at this level, indicating the presence of intense demand pressure.
Key technical points:
- The XRP price shows a lower price rejection candle at $0.7 support
- The XRP price chart shows the 100-and-200-day EMAs are on the verge of a bearish crossover
- The intraday trading volume in the XRP coin is $1.7 Billion, indicating a 6.8% fall.
Source- Tradingview
Previously when we covered an article on Ripple coin on 22nd December 2021, the coin price hinted at a bullish reversal with a cup and handle pattern. However, the price could never breach the $1 neckline and instead, it was rejected with a bearish engulfing candle.
Moreover, the bloodbath in the crypto market fueled the selling pressure in this coin and pushed the price back to the bottom support zone near $0.76 and $0.7.
The crucial EMA(20, 50, 100, and 200) indicates a downtrend for the XRP price. Moreover, the chart shows the 100 and 200 EMA are poised to give a bearish crossover, which could fuel the bearish momentum in the market. However, in the case of a bullish reversal, the 20 and 100 EMAs are controlling the minor and major pullbacks respectively.
The daily-Stochastic RSI line has dropped to the oversold territory. Moreover, the K and D line provides a bullish crossover, indicating the increasing underlying bullishness in this coin,
XRP Price Chart Shows A Falling Wedge Pattern
Source- Tradingview
The XRP price is currently hovering above the $0.7 support, indicating demand pressure from this level. Moreover, the XRP price action displays a falling wedge pattern in the 4-hour time frame chart. This pattern could signal a bullish reversal if the price breakout from the overhead resistance trendline.
The important resistance levels for XRP price are at $0.77, followed by $0.85. As for the opposite side, the support levels are $0.7and $0.62.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
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