XRP Price Could See Major Correction If Buyers Lose This Key Support; Hold or Sell? – Crypto News – Crypto News
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XRP Price Could See Major Correction If Buyers Lose This Key Support; Hold or Sell? – Crypto News

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3 years ago

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Published 12 minutes ago

While the broader market sentiment shows a pause in its recovery phase, the XRP price continues to wave above a support trendline of ascending triangle pattern. Although this uptrend continuation setup maintains a positive trend in the long run, the buyer’s inability to rise from the rising trendline reflects weakness in underlying bullish momentum. Thus, traders must remain cautious and follow strict risk management if the coin price breaches dynamic support.

Also Read: XRP Lawsuit: Crypto Lawyer Clarifies Stance on Summary Judgment Timeline

XRP Price Daily Chart:

  • A retest to the support trendline provides buyers an opportunity to reaccumulate.
  • A potential bullish reversal could set the XRP price for a 15% upswing.
  • The intraday trading volume in the XRP is $891.2 Million, indicating a 4.3% loss.

XRP PriceSource- tradingview

With an intraday loss of 2.3%, the XRP price makes a comeback to the triangle’s pattern support trendline. In theory, this retest should recuperate the bullish momentum and assist buyers to prolong the upward rally.

However, for the past three weeks, the coin price has been hovering above the support trendline but was able to make significant growth. Thus, the buyers’ failure to reclaim lost ground indicates a lack of commitment and the possibility of considerable correction.

A breakdown below the support trendline will provide sellers with a strong barrier to pressure the XRP price to a lower level. The rising supply pressure could tumble the price 11% down to reach the $0.4 mark.

Can XRP Price Breach $0.55?

For the XRP price to maintain a bullish trend, the buyers need to protect the ascending triangle pattern. The constant support from the rising trendline could gradually bolster the buyers to revisit the $0.55 neckline. Under the influence of this pattern, the XRP price may also regain enough momentum to break the $0.55 as a sign of trend reversal.

  • Relative Strength Index: The daily-rsi slope below 50% indicates the sellers have an upper hand.
  • Exponential Moving Average: The flattish EMA’s(20, 50, 100, and 200) reflect neutral sentiment for the market trend.

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 content presented may include the personal opinion of the author and is subject to market conditions. 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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