The price of the XRP currency is presently trading in an important long-term supply zone, based on price movement. The price of the coin has returned to the supply zone due to recent positive pressure in the cryptocurrency market. A higher low and higher high pattern is developing in the price of the coin. The green downward-sloping trendline, acting as a strong supply zone, continually rejected the coin price.
XRP coin price manages to sustain at the supply zone
The coin has been repeatedly bouncing off the demand zone. As the coin price rises, it may face rejection of the recent higher high. The XRP coin price is currently trading at the upper band of the Bollinger band indicator, having failed to surpass the upper band. The price of the XRP coin is currently trading above the 50 and 100 MAs. The recent rise in the price of the XRP coin has resulted in the breakout of the important moving averages.
As the coin price rises, it is under strong bullish pressure from these MAs. As the coin price rose into the demand supply zone, volumes increased. As a result, volatility is likely to rise in the coming trading days, and investors should exercise caution.
The XRP coin price if forming a flag and pole pattern on a daily time frame
The XRP coin price is trading at the demand zone after rising from the demand zone. The recent rise in the price of the XRP coin price triggered a positive crossover on the MACD indicator. The blue line crossed the orange line on the upside. If the coin price can sustain at the demand zone and bounces off it breaking the flag and pole pattern, the MACD lines can be seen triggering a positive cross-over. Investors should wait and watch for a proper signal of the trend as a breakdown of the current long-term demand zone will trigger the MACD line widening supporting the trend.
The RSI curve is currently trading at 53.95. The RSI curve has passed the 50-point mark. The coin price can be seen moving up with strong bullish momentum once it crosses the supply zone of 0.4400. The RSI curve has crossed the 14 EMA yellow line, indicating that the market is bullish in the short term. Once the RSI crosses the supply zone, the RSI curve will rise sharply, bolstering the bullish momentum in the coming trading days.
The XRP coin price to the important supply zone on a daily time frame. As a result, the coin price gave a breakout of the super trend sell signal line. Since then the XRP coin price has been in a strong uptrend. Moving forward the coin price can be seen facing bullish pressure at the super trend line. The breakout of the flag and pole pattern on the daily time frame can trigger the coin price to move up rapidly.
Conclusion: XRP coin price is in a strong downtrend. Price action suggests the same as the coin price breaking the important demand zone. The technical parameters are also bearish supporting the trend on a daily time frame. Investors should wait for a breakout of the flag and pole bullish chart pattern in a 4-hour time frame and then act accordingly.
Support: $0.3600 and $0.3300
Resistance: $0.4100 and $0.4400
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/09/xrp-coin-price-analysis-coin-price-ready-for-a-big-move/