- XRP has been downtrending for over a week
- Price has been held by $1.03 support
- Indicators show a breakout is soon
XRP rose 300% since the start of April. After being stuck under 1$ for nearly 3 years, thanks to the SEC lawsuit, XRP managed to breakout and set a three year high. This bullish impulse was not held up well as BTC started downtrending a few days after XRP hit its high of $1.95. XRP needs to break above its price channel to be considered bullish again.
While looking at the chart we can see the bears have been in full control of XRP since the high set on April 14th. Not only did XRP have a meteoric rise the last few weeks, the cryptocurrency market overall was due for a pullback. At this point, we should expect bulls to start slowing entering the market as this has been one of worst percentage falls in nearly 5 months.
At the time of writing, the price has been held up by the 200 MA. If this level cannot hold, XRP risks another fall to $0.80-$0.90. In the case the bulls gain power back, XRP needs to break and hold the major resistance zone of $1.15. If this level can return to support, XRP will rally to $1.30 and beyond. As of now, a break to $1.30 would also validate a bullish breakout of the 10 day bearish descending channel.
While looking at the Stochastic RSI, we can conclude that investors are unsure of the next move for XRP. The strength sits around the 50 mark awaiting a soon bullish or bearish break. Confirming a potential bullish move, the MACD is sitting low, coiling for a bullish breakout. In addition, The MACD histogram looks to be printing a bullish tick within 12 hours.
XRP intraday levels
- Spot rate: $1.05
- Trend: Bearish
- Volatility: High
- Support: $1.03
- Resistance: $1.15
The post XRP Price Analysis: XRP Continues To Fall As Price is Stuck In Descending Channel appeared first on Coingape.
Post courtesy of coin market cap