The XRP price recovery rally takes a short pause, resulting in the formation of a flag pattern. The retracement tumbled altcoin by 35%, reaching the February 24th low($30). The XRP price resonating in the falling channel is expected to recover once the buyers breach the overhead resistance.
Key technical points:
- The daily-RSI slope is poised to enter the negative territory.
- The 50-day EMA flipped to a potential resistance
- The intraday trading volume in the XRP is $3.12 Billion, indicating a 22.08% hike.
Source- XRP/USD chart by Tradingview
On February 8th, the Ripple (XRP) price turned down from the shared resistance of $0.87 and 200-day EMA. The retracement rally forming lower highs and lower lows show a flag pattern in the chart’s daily time frame.
The high price rejection on February 24th suggests another reversal from the descending trendline. This bullish continuation pattern could provide a long entry opportunity to traders once the price breaches the overhead trendline.
The XRP price chart displays a bearish alignment among the crucial EMAs(20, 50, 100, and 200). In the recent downfall, the buyers lost 20 and 50 EMA support, providing an extra edge to short-sellers.
The Relative Strength Index(49) slope would soon nosedive below the neutral zone, suggesting a switch to the bearish market sentiment.
XRP/USDT: 4-hour time frame chart
Source- Tradingview
The 4-hour XRP/USD chart shows a higher price rejection from the $0.76 resistance level and trendline confluence. Thus, if bears sustain the XRP price at the resistance trendline, the selling pressure would intensify and pull the price to the $0.60 mark upon the fallout of $0.69.
Alternatively, a bullish breakout and closing above the descending trendline could drive altcoin to the $0.895 mark.
- Resistance level: $0.85 and $1
- Support levels: $0.745 and $0.59
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.
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Source: https://coingape.com/markets/xrp-price-analysis-flag-pattern-hints-a-10-fall-is-it-good-long-entry/