XRP Technical Analysis: Trend Reversal Warns Drop To $0.30

Key technical points:

Past Performance of XRP

The XRP price chart showcases a falling trend under the influence of a resistance trendline, accounting for a drop of 32% to a low of $0.30. However, buyers immediately overtook the trend control resulting in a 16% price jump to $0.35. Nonetheless, the bearish trendline knocks the reversal candle under leading to a long-wick formation and warns of a downtrend continuation.

Source- Tradingview

XRP Technical Analysis 

XRP price action displays an upward trend after the trendline breakout, but the higher price rejection candles in the daily chart signify a possible reversal. Therefore, those hoping for a bull run should be patient for the market price to sustain above $1.25. The DMI indicator displays the DI lines on the verge of a bullish crossover, indicating a trend reversal. The falling trend in the ADX line supports the fall in bearish trend momentum and adds points to the upcoming bullish trend.

The RSI indicator shows an uptrend starting with a reversal from the oversold boundary and gradually approaching the halfway line. Moreover, the 14-day SMA displays a slowly growing bullish trend above the oversold boundary. The MACD indicator shows the fast and slow lines regaining a bullish alignment to reach the zero line. Furthermore, the bullish trend resurfaces in the MACD histograms reflecting an increase in buying pressure. Hence, the technical indicators go against the XRP price analysis suggesting the buyers wait for the prices to soar above the trendline.

Upcoming Trend

If the XRP prices fail to surpass the resistance trendline, a drop under $0.30

Resistance Levels: $0.35 and $0.36

Support Levels: $0.30 and $0.27