XRP Technical Analysis: $0.78 Fallout Haunts A Dip To $0.70

Key technical points:

Past Performance of XRP

XRP coin price action created an ascending triangle pattern in the daily chart thanks to the bullish reversal starting from the $0.58 mark. However, the trend failed to sustain above $0.85, and the recent selling observed in the broader market brought the prices below the support trendline. Moreover, the fallout trend breaks below the $0.78 mark with a bearish engulfing candle of 6.99%

Source-Tradingview

XRP Technical Analysis 

XRP coin price Doji candle after the immense selling observed yesterday and retests the bearish breakout. Nevertheless, the increasing pressure projects a high likelihood of a downtrend continuation to the $0.70 mark with the post-retest reversal.

Due to the sudden increase in selling pressure, the EMAs showcase a sideways trend and reduce the chances of a bullish crossover. Moreover, the price falling under all the crucial EMAs represent a remarkable increase in underlying bearishness.

RSI Indicator: The RSI slope fails to sustain above the 14 day average in the nearly oversold zone and cracks below the Halfway mark. Hence, the indicator represents a sudden increase in selling pressure.

MACD Indicator: The MACD and signal lines continue the downtrend after the recent bearish crossover in the positive territory and approach the zero line. Moreover, the increasing trend in the negative histograms represents a solid underlying bearishness.

In a nutshell, the XRP technical analysis represents a high likelihood of a bearish continuation to the $0.70 mark.

Upcoming Trend 

XRP coin price breaking below the $0.78 level increases a higher likelihood of downward continuation as the technical indicators turned bearish. Therefore, traders selling at the current market price can expect a downward continuation to the $0.70 mark.

Support Levels: $0.75 and $0.70

Resistance Levels: $0.78 and $0.85