The parabolic recovery surged the XRP price to the $0.91 mark. The one-week rally registered a 50% recovery, allowing XRP buyers to fight for the $1 mark. However, the sellers defended the higher resistance and turned down the coin to $0.745. The altcoin currently wavers in a tight range should preparing for the upcoming move
Key technical points:
- The daily-RSI slope could slip below the neutral line.
- The 50-and-100-day sandwich the XRP price
- The intraday trading volume in the XRP is $3.12 Billion, indicating a22.08% hike.
Source- Tradingview
The XRP price has been resonating between $0.853 and $743 for almost two weeks. However, the technical chart displays a flag pattern that states a higher possibility for bullish continuation.
Therefore, if buyers breach the overhead resistance, the altcoin would drive to the $1 mark, which is the key level for initiating a bullish rally.
The XRP chart shows 50 and 100 DMA act as dynamic support and resistance, respectively. A breakout from either of these DMA would provide an extra edge to the following rally.
Concerning the minor consolation in price action, the Relative Strength Index(52) travels a down rally, indicating the buyers are losing their grip. A breakout from the middle would offer additional confirmation for short-sellers.
Retest To Ascending Trendline Suggests A 22% Potential Decline
Source- Tradingview
As mentioned in our previous article, the XRP price had breached a highly influential support trendline on January 5th, and the recent recovery was a retest phase. Therefore contrary to the above-mentioned bullish pattern, the XRP/USD pair also poses a downside risk.
If sellers slump the coin price below the $0.745 support, the traders can expect a 22% fall to the $0.59
- Resistance level: $0.85 and $1
- Support levels: $0.745 and $0.59
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.
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