Altcoin NewsCryptocurrency News

XRP Price Prediction: Coils Inside Flag Formation; A Breakout Above $0.80 On The Cards?

XRP price trades lower on Tuesday after gaining some traction in the previous session. But the downside is capped near $$0.74, thus making it a reliable support level for traders. Sellers seem exhausted near this level. On the upside, buyers are not willing to cross the $0.80 upside hurdle.

  • XRP price fails to capitalize on the previous session’s gains.
  • A decisive close above $0.80 will see more gains in the price.
  • XRP continues to move in a short-term trading range of $70.0 and $80.0.

As of writing, XRP/USD is trading at $0.75, down 2.85% for the day. The 24-hour trading volume of the sixth-largest cryptocurrency stands at $2 billion. A decline in volume in correspondence to the price is a sign that the market might be looking for some bottom.

XRP price looks for reversal signs

Source: Trading View

On the daily chart, XRP price is hovering near the 50-day Exponential Moving Average (EMA) at $0.75. Further, the formation of a ‘Doji’ candlestick around the support level tells some buying emerges near the lower levels.

A renewed buying pressure will push XRP price to test upside filters in order to attain the highs of March 9 at $0.91.

A lower trading volume accompanied today’s price action that indicates investors are not convinced of the downside movement in the pair.

The first resistance barrier is located at the upper trendline of the flag formation at $0.81.

A decisive daily close above $0.81 will bring the $0.87 horizontal resistance level in play followed by the ultimate target of $0.91.

On the flip side, if the price fails to sustain the session’s low then it will move toward the lower trend line of the mentioned formation. The interim support lies at $0.68.

Technical indicators:

RSI: The daily Relative Strength Index is hovering near the midline with no clear directional movement. Currently, it is reading at 48.

MACD: The Moving Average Convergence Divergence is trading above the midline with a mild positive bias.



The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button