- XRP Price might take a bearish correction of 11% in the coming weeks.
- Investors’ sentiments regarding XRP Price are reflecting a bearish future.
- XRP is down 0.25% in the last 24 hours
Recent market sentiments regarding XRP have been bearish for quite a while. Also, it seems like the investors are sharing these opinions. Leigh Drogen the GP and CIO of Starkiller Capital recently mentioned that “ There’s still $20B and $14B of completely utterly useless market cap tied up in XRP and ADA respectively” and that “In the next cycle that’s gonna flow to stuff that actually works and matters” this statement seems to resonate with Financial journalist Max Keiser and Legendary Trader Peter Brendit.
XRP is taking resistance from the recent resistance level
According to the technical analysis illustrated in the above chart, it seems like XRP is on an uptrend where XRP is making consistently higher lowes. However, we did get a head and shoulder pattern after a jump of 52% around mid-September to mid-November after which XRP’s price fell down 35%. After taking resistance from a price of $0.4188 XRP is currently retesting its most recent resistance.
Technical Analysis ( 1 Day Timeframe )
EMA’s – As illustrated in the above chart the price is currently taking resistance from the 100 EMA ( violet line) while it might face an even more severe resistance above it the 200 EMA. As of now the downward curve in price is suggesting that XRP might soon move towards making a downward correction.
Support and Resistance – XRP is currently trading around the price of $ 0.3925 while its most recent resistance is 5% above its current value of around price $0.4136 and its most recent support is around $ 0.3493.
RSI – The RSI is currently trading around the median level at point 51.13 after breaking the 14 SMA with a strong momentum XRP is currently trading above it retesting the SMA. RSI is currently giving no clear indication of either going to the undersold levels or to the oversold levels. So it can be assumed that RSI is trading at the neutral levels right now.
Conclusion
As can be concluded from the above analysis the market sentiments regarding XRP are turning bearish and a few well-known investors are also affirming this recent development. The technical indicators are in support of the market where the price action is indicating that it might soon take a reversal from the 200 EMA and there was also a bearish head and shoulder pattern formed supporting the current price action.
Technical levels –
Support -$0.3908
Resistance – $0.4137
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/20/xrp-price-analysis-is-xrp-going-to-take-a-correction/