XRP Price Hits $0.58 Support; Accumulate Again?

On April 25th, the Ripple(XRP) sellers escaped from a minor consolidation stretching from $0.87 to the 0.68 mark. The support breakdown released the trapped bearish momentum and pulled the XRP price to January’s bottom support at $0.58.

Key points from XRP analysis: 

• The XRP price lost 25..56% within a fortnight
• The potential fallout from the $0.55 would invalidate the bullish theory
• The intraday trading volume in the XRP is $1.8 Billion, indicating a 4.1% loss.

Source- Tradingview

Since the November 2021 bloodbath plunged the Ripple(XRP) price below the $1 physiological mark, the price action has been restricted within the $1 and $0.55 barrier. As a result, the altcoin has witnessed a range-bound rally for five months, waiting for a genuine breakout.

A recent reversal from the $0.88 resistance had slumped the XRP price to local support of $0.685. Furthermore, the buyers drove a minor relief rally that was soon revered and breached the $0.685 support.

The XRP price currently trades at the $0.6 mark, with a loss of 31.8% from the swing high resistance($0.88). The altcoin is gradually nearing the January bottom support of $0.55, which is a significant accumulation zone for traders.

If the XRP price rebounded from this support, the renewed buying momentum would push the price to 0.68 or $0.88, continuing the range-bound rally for a few more sessions.

Alternatively, the $5.5 support fallout would suggest downtrend resumption and may drop 31% lower to the $0.4 mark.

Technical Indicator

The flattish 50, 100, and 200 EMAs emphasize a sideways rally for XRP. However, the coin price moving below these EMAs and a potential bearish crossover between the 50-and-100 EMA puts sellers at a major advantage. 

The expanding gap between the MACD and signal lines suggests growing bearish momentum. 

• Resistance level: $0.73 and $78
• Support levels: $0.7 and $0.63

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.