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Vikram
Apr 2, 2022
by Vikram

XRP Technical Analysis: Can Buyers Transcend Ascending Triangle?

XRP
XRP coin price shows a long-coming resistance trendline keeping the uptrend in motion. Will the uptrend reach the $1 mark?

Key technical points:

  • XRP prices have fallen 6.09% in the past 24 hours.

  • In addition, the MACD indicator gives a bearish crossover.

  • Finally, the 24-hour trading volume of Ripple is $2.956 Billion, marking a 67.76% rise.

    • Past Performance of XRP

    XRP coin price action shows a phenomenal bullish recovery from the $0.60 support level in the earlier days of March. The recovery rally gains 45% within a week but faces rejection from the $0.85 mark. However, the long coming support trendline helps the uptrend sustain in an ascending triangle. 

    TradingView Chart

    XRP Technical Analysis 

    XRP coin price action shows a retracement of 6.09% to the support trendline of the ascending triangle. However, the lower price rejection hints at a bullish reversal.

    The crucial daily EMAs (50, 100, and 200-days) maintain a  bearish alignment with the 100 and 50-day EMA providing support and are on the verge of giving a bullish crossover.  

    The DMI Indicator: The DI lines are on the verge of giving a bearish crossover, indicating a potential selling opportunity and threatening the triangle fallout. 

    MACD Indicator: The MACD and signal lines give a bearish crossover in the daily chart and initiate a bearish trend in histograms.  

    In a nutshell, the XRP technical analysis warns of a triangle fallout as the selling pressure increases.

    Upcoming Trend 

    The XRP coin price shows lower price rejection with a long-tail formation near the long coming support trendline. Furthermore, a bullish reversal might give a bullish triangle breakout to hit the psychological barrier at $1.

    However, a fallout below the support trendline will result in a dip below the $0.75 mark to $0.65 m

    Support Levels: $1.00 and $0.90

    Resistance Levels: $1.20 and $1.35

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    XRP Technical Analysis: Can Buyers Transcend Ascending Triangle?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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