XRP Technical Analysis: Bears Sabotage Retest At $0.50
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The XRP price action showed a bullish breakout of the $0.50 mark with a jump last week. However, the increase in selling pressure today leads to a retest phase. So, will Ripple prices fall under the $0.50 mark?
Key Points:
Source - TradingView
XRP Technical Analysis
As we mentioned in our previous analysis, the XRP price action shows a double-bottom pattern breakout with the neckline at $0.51. The bullish breakout of the psychological mark led to a 3% jump yesterday to create a solid green candle.
However, the price trend fails to sustain an uptrend as the bearish influence grows over the daily candle leading to a drop to $0.51 as a retest. Also, the increase in selling pressure is evident by the spike in trading volume teasing a dip under the psychological mark.
If the selling pressure grows over the day, the Ripple market price will drop to the bottom support level of $0.43. However, traders hoping to capture the downfall must wait for the candle to close below the neckline at $0.51.
Optimistically, if the bullish momentum sustains, a post-retest reversal will sustain the XRP prices above the $0.50 mark. In such a case, the traders can expect the recovery rally to reach the $0.59 resistance level.
Technical Indicators
The RSI indicator shows a bearish divergence in the uptrend teasing a potential drop under the $0.50 mark. Moreover, the lateral trend in the MACD and signal lines display a merger possibility leading to a bearish crossover.
Therefore, the XRP technical analysis suggests that traders can find a selling opportunity shortly.
Resistance Levels - $0.60 and $0.69
Support Levels - $0.51 and $0.42
