Things are not looking good for XRP as its price has failed to reclaim a significant resistance level and seems likely to drop lower. The market is currently struggling to remain in a range, and it could initiate the next bearish leg down.
Technical Analysis
By: Edris
The Daily Chart:
On the daily timeframe, the price has failed to reach the $0.43 area again, as the bullish rebound is seemingly coming to an end.
The 50-day moving average is currently acting as a critical resistance level around the $0.37 mark, preventing the price from rising further.
The mentioned moving average has also recently crossed the 200-day one to the downside, often interpreted as a bearish signal. The market structure is hinting at a drop to the $0.3 level in the short term, which could be the bulls’ last resort to stop the cryptocurrency from dropping to a new lower low.
The 4-Hour Chart:
Looking at the 4-hour chart, a classic break and retest are forming, as the price has broken the $0.37 level to the downside and has retested it.
The mentioned level is rejecting the price to the downside convincingly. The RSI indicator, which suggested a likely rejection with an overbought and bearish divergence signal while the price was testing $0.37, is currently trending around the 50 mark.
A break below it would likely signal the beginning of another decline which could lead to a drop toward the $0.3 support level in the short term.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Source: https://cryptopotato.com/xrp-bulls-fail-to-reappear-is-0-30-incoming-ripple-price-analysis/