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Vikram
Apr 28, 2022
by Vikram

XRP Technical Analysis: Falling XRP Prices Hinge at $0.65

XRP
The XRP price shows a sudden halt in the downtrend at the $0.63 support level. Will this restart the bull run?

Key technical points:

  • The RSI values turnaround from the oversold boundary.

  • The crucial daily EMAs achieve a bearish alignment.

  • The 24-hour trading volume of Ripple is $866.2 Million, marking a 23.6% loss. 

    • Past Performance of XRP

    The falling trend of the XRP prices starting from the rejection faced at $0.90 generates a highly influential bearish trendline. Furthermore, the downtrend breaks under all the crucial EMAs and finds support at the $0.63 support level, accounting for a downfall of 30%. 

    XRP Technical Analysis 

    Under the bearish trendline influence, the XRP coin price falls lower, but the bullish breather at $0.63 teases a potential reversal. Hence, the most likely possibility is a bull run to test the resistance trendline.

    The 200-day EMA following a sideways path suggests a range-bound rally. However, the declining 20-and-50-day EMA reflects a correction phase in the short term.

    MACD Indicator: The increasing gap between the downsloping fast and slow lines indicates aggressive selling in the market. 

    RSI Indicator: Amid the recent sell-off, the RSI slope barely escaped from entering the oversold region. However, concerning the last two swing lows, the slight RSI divergence shows weakness in the bearish momentum.

    In a nutshell, the XRP technical analysis forecasts a possible reversal opportunity as the price gains bullish momentum at a crucial support level.

    Upcoming Trend 

    If the XRP price rebounds from the $0.63 support, the buyers will drive the altcoin back to the resistance trendline close to the $0.75 physiological level. However, a bullish breakout from the resistance trendline will ignite a genuine recovery rally to $0.90.

    Resistance Levels: $1 and $1.2

    Support Levels: $0.77 and $0.7

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    XRP Technical Analysis: Falling XRP Prices Hinge at $0.65
    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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