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XRP Price Tests Ascending Trend Line; Time To Enter?

XRP price edges higher after a three-day sell-off. The price uptrend remains steady since January 24, however, a ‘double top’ formation near $0.91 weighed on bullish sentiments. XRP breaches critical moving averages, hinting at a bearish outlook.

  • XRP price manages to trade higher on Thursday.
  • The price took support near the bullish slopping line a key point for quick recovery.
  • XRP remains depressed below the 200-day EMA and 50-day EMA.

As of press time, XRP/USD trades at $0.78, up 2.93% for the day. The 24-hour trading volume of the eight-largest cryptocurrency by the market contains $2,452,273,767 as per the CoinMarketCap.

XRP price steadies before the next action

XRP price tested the critical support near $0.75 after tagging the swing highs of $0.91. This also coincides with the ‘double top’ pattern, which resulted in the current price retracement. Furthermore, the slippage below the 200-day and 50-day EMAs (Exponential Moving Average) at $0.83 and $0.79 respectively makes bears hopeful.

Source: Trading View

The XRP buyers test the ascending trend line multiple times, which is extending from the lows of $0.54. Earlier, the price witnessed an ascent of nearly 50% from the lows of $0.61. This time too, the bulls would be ready for another run-up with the same figure in mind.

However, moving higher XRP price would face the first upside hurdle at $0.81 followed by the horizontal resistance level at $0.85.

A sustained buying pressure and an acceptance above $0.90 could push the price beyond the $1.0 mark in a highly optimistic scenario.

On the flip side, a break of the mentioned trend line would invalidate the bullish outlook on the asset. In this case, the sellers would keep their eyes on the horizontal support level at $0.70.

Technical indicators:

Stochastic Oscillator: The range-bound indicator remains in the oversold zone, making an attempt to move higher. Any uptick in the indicator is a bullish sign.

MACD: The Moving Average Convergence Divergence retreating below the central line.

Disclaimer

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

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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