XRP Technical Analysis: Prices Falls As Exhausted Bulls Take A Rest
Ripple is a protocol for payment that makes use of blockchain technology to handle international transfer of money. It is a low-cost transaction service and extremely fast processing time It has also partnered with a variety of financial institutions who use its technology.
Let us move ahead to read about Ripple technical analysis.
Past Performance of XRP
The XRP coin price shows a phenomenal bullish week with a growth of more than 40% resulting in the falling wedge breakout. In our previous article, we mentioned this possibility of a post-breakout rally. Furthermore, the rally breaks above the $0.80 mark and continues to approach the $1 mark. However, the price action shows higher price rejection above the $0.90 mark results in a reversal and projects the possibility of reversal.
XRP Technical Analysis
The XRP coin price action shows the possibility of a tweezer top formation near the $0.90 mark as the sellers revolt to gain trend control. However, the retracement may test the $0.78 horizontal level before regaining bullish momentum.
The crucial Exponential Moving Averages (50, 100, and 200) maintain a bearish alignment as the price struggles to rise above the 200-day average. Moreover, the reversal in the 50 and 100-day averages showcase the rise in the underlying bullishness.
The MACD indicator shows a sharp increase in the fast line as it surpasses the zero line and shows significant distance from the slow line. Moreover, the boom in buying pressure is evident by the growth of bullish histograms.
The RSI indicator shows a rejection in the uptrend as the slope falls out of the overbought zone and crosses below the 70% mark. Nonetheless, the slope sustains above the 50% mark and keeps the hope of reaching the $1 mark alive.
That is why the technical indicators keeps the possibility of reaching $1 on the table.
Upcoming Trend
The XRP coin price action shows the possibility of a reversal after the sudden surge of underlying bullishness in the past week. Therefore, traders can expect the price to test the $0.78 horizontal level shortly.
However, the fallout from $0.78 can result in downfall to the $0.68 mark. In case of a bullish reversal, the price may find opposition near the $0.90 and $1 marks.