https://ift.tt/Xf1VFSw Price Holds Near Multi-week Support Around $0.70

XRP price continues to extend losses after slipping below the crucial resistance near $0.91 on March 28. The price found reliable support at around $0.70. However, the limited price action suggests waiting for more confirmation before setting up any directional bias.

• XRP price fell for the fourth straight session in a row on Saturday.
• Investors can expect a jump toward $0.85 as the price approaches the vital support zone.
• However, a breakdown of the $70.0 support level would invalidate the bullish theory.

As of writing, XRP/USD is trading at $0.71, down 2.86% for the day. The 24-hour trading volume of the sixth-largest cryptocurrency is holding at $1,532,867,643 as updated by the CoinMarketCap.

XRP price set to move higher

On the daily chart, the XRP price retraced 25% after testing the swing highs at $0.91 on March 28. The price after briefly falling below $0.70 bounced back to revisit the psychological $0.80 level. However, the bulls lack the conviction to carry forward the gains. The formation of the ‘spinning top’, a bearish reversal resulted in the fall of the price.

Now, the price consolidates near the multi-week support placed around $0.70, a sustained buying pressure could push the price higher to recapture the horizontal resistance line at $0.75.

The next upside target could be found at the April 16 highs of $0.80.

On the flip side, a break below the session’s low would neglect the bullish arguments for the price. In this scenario, the sellers would drag XRP to the lows of April 11 at $0.68.

In addition to that, a sustained selling pressure would open the gates for $0.65.

Technical indicator:

RSI: The relative strength index traded below the average line since March 30. But bounce back from the oversold zone on April 11  still trade lower. This indicates the pressure on the price still any uptick will result in a bounce back in the price.