XRP Flashed A Sign Of Revival; Where’s It Headed Next?
13 Maio 2022 - 10:00PM
NEWSBTC
The price of XRP has nosedived substantially to a level that it
last touched almost 70 weeks ago. At the current time, XRP’s price
have been trading near its immediate support level of $0.36.
Bitcoin continues to be on shaky grounds as the coin tried
recovering by moving past the $30,000 mark. At press time, the coin
fell back to $29,700. The majority of the industry’s altcoins have
continued to extend losses today. The bearish pull remains strong
in the market at the time of writing. Over the last 24 hours, the
market has bottomed out and that is why a chance of price revival
can still be considered. The technical outlook of the coin shows
that a relief rally could be on the charts, however, the macro
market is still fragile. 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. Price Analysis: XRP One Week Chart
XRP was trading at $0.42 at the time of writing. The coin had
presented signs of revival because the coin soared by 10% over the
last 24 hours. It is still quite uncertain if XRP will manage to
trade above its nearest support line of $0.36. A break below which
can cause the coin to tumble to a low of $0.13. With buyers
returning, XRP might attempt to trade above its immediate
resistance of $0.56. XRP also flashed an equal high on the one week
chart, this pattern is connected to bullish price action in the
market. Toppling over the immediate resistance can push XRP to
$0.68, staying above which can help invalidate the bearish thesis
in the market. The volume of XRP traded had increased and the bar
was red which depicted bearishness. Technical Analysis XRP had
attempted to make a price revival but continued selling pressure
have tired the bulls out. The same is reflected on the 20-SMA
indicator. The price of XRP was seen below the 20-SMA line. This
reading signified sellers were driving the price momentum on the
market. On the Relative Strength Index, after facing an intense
sell-off across the market, buyers re-entered. XRP was no longer
seen in the oversold zone on the RSI. After the recovery though,
XRP again fell prey to the bears and RSI flashed a downtick
signifying increased selling pressure. Related Reading | Crypto
Shorts See $240M Flush As Bitcoin Rebounds Back Above $30k With the
price revival, XRP’s technicals have displayed an onset of positive
price action. It is however too early to say if it is a beginning
of a shift in the price action. Moving Average Convergence
Divergence underwent a bullish crossover on the four-hour chart.
The indicator flashed growing green histograms above the half line
and that means bullish momentum for the coin. XRP also could
witness a northward push in prices because the Chaikin Money Flow
was seen above the zero-line. This indicator displays the number of
capital outflows and inflows and according to the above chart,
capital inflows exceeded outflows at the time of writing. Related
Reading | Bitcoin Recovers Above $30,000, Has The Bottom Been
Marked?
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