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Sanjay Shukla
Nov 12, 2022
by Sanjay Shukla

XRP Technical Analysis: Despite Declining, Ripple Displays Bullish Momentum

XRP Technical Analysis
The XRP technical analysis displays a reversal rally despite a short-term bearish trend with RSI attempting to cross the overbought boundary while buying pressure increases.

Ripple (XRP) price has been declining since the fortnight due to increased selling pressure in the backdrop of a market crash because of the FTX controversy. Due to the bearish trend, XRP broke the support zone of $40 and is now braced to dive below the next support of $0.30 if it fails to gain bullish momentum anytime soon.  After bouncing back from the 38.2% retracement level, the token prices hover between 61.8% and 78.6%, indicating a gradual recovery in the XRP prices. 

Although XRP declined around 4.95% over the 24 hours, the coin showed some sign of recovery in later trade. Currently trading at $0.3704, XRP plummeted to its daily low of $0.36213135, while its 24 hours high remained at $0.39 as the coin could not cross the psychologically important mark of $0.40.

Key Points

  • The XRP prices actions show a reversal with the potential to reach the $0.40 mark

  • An ascending triangle indicates a rising price with a possible resistant breakout 

  • The intraday trading volume in XRP is $1.36 billion 

    • XRP Technical Analysis

    The upward-moving trendline forming an ascending triangle indicates bullish sentiment in the market with repeated low-price rejections, despite the downward trend in the price actions. The bullish reversal signals a breakout at the $0.40 resistant level, where buyers can find an entry opportunity. The 50-day SMA teasing the price actions also displays a bullish reversal if prices do not drop below $0.36. If buying pressure persists, sideline trailers may get breakout entry at the $0.40 mark. On the other hand, if prices drop below the $0.36 support level, there is a high chance of a bearish reversal.

    Technical Indicators

    RSI projects bullish momentum in the market, as buying pressure pushes RSI around the overbought zone. As the bullish histogram continues, MACD lines make a bullish crossover with the increasing gap between the signal and MACD line signaling positivity in the market. 

    The XRP technical analysis displays the chances of a bullish reversal with RSI moving around the 65% level, while a positive histogram confirms the upcoming uptrend.

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    XRP Technical Analysis: Despite Declining, Ripple Displays Bullish Momentum
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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