Can $0.5 Support Mark a Turning Point in Correction? – Crypto News – Crypto News
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Can $0.5 Support Mark a Turning Point in Correction? – Crypto News

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The XRP price has been in a correction phase for over a month now, where it plunged from the top of $0.938 to $0.4226 low accounting for a 54.5% loss. However, this falling price found suitable support at the long-coming support trendline aligned with the $0.5 psychological level, offering buyers a platform to counterattack. Can these support bolster buyers for a fresh recovery rally?

Also Read: Ripple Now In Bank for International Settlements (BIS) Panel; XRP Rally Ahead?

XRP Daily Chart: Key Points

  • An ascending trendline keeps the long-term trend bullish for XRP holders
  • An upside breakout from the $0.5948 mark may bolster a bullish recovery
  • The intraday trading volume in the XRP is $1.6 Billion, indicating a 42% gain.

XRP Price AnalysisXRP Price AnalysisSource: Tradingview`

Although the significant sell-off on August 17th breached the $0.564 support, the daily chart indicated that by the close of the day, more than half of the intraday loss had been regained. A long-wick rejection attached to the daily candle reflects the accumulation of buyers at a discounted price.

This rejection sign came at the combined support ascending support trendline aligned and $0.5 psychological level, offering buyers a suitable footing to turn the price higher. With an intraday of 4.67%, the XRP price currently trades at $0.54 and is likely to retest the $0.564 resistance. 

For the XRP coin to undermine the prior breakdown, the buyers need to break above the August 17th high of $0.5948. This breakdown will break the seller’s weapon and bolster buyers for recovery to $0.667, followed by $0.854, and $0.933.

Will XRP Correction Fall Below $0.5?

The XRP holders must closely watch the price retest to the recently reclaimed resistance of $0.564. This retest could determine the possibility of further downfall or trend reversal. If the altcoin price shows suitability below the aforementioned level, the sellers may reattempt to break below $0.5 or ascending support trendline.

  • Bollinger Band: A downtick in the lower band of the Bollinger band indicator shows the bearish momentum in active.
  • Relative Strength Index: The RSI slope potential break above the 40% mark would offer additional confirmation on a bullish reversal.

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From the past 5 years I am 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. Reach out to me at brian (at) coingape.com

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.

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