Can XRP Gives Breakout from Falling Channel Pattern as Price Levels Turns Green

Pratik Chadhokar
Pratik Chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and possesses strong technical analytical skills. He is well known for his entertaining and informative analysis of the Financial markets.
  • XRP is standing at $0.23947 with a small gain of 1.02% in the past 24-hours makes a falling channel pattern while attempting for a breakout. 
  • The pair of XRP/ETH also performed well now at 0.00001771 BTC up by 0.96%
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source:tradingview

XRP forms a falling channel pattern over the 4-hours candlestick pattern and forms a large bullish candle at the end. The coin is trading positive in the bearish crypto market and rose up by 1.02% in the last 24-hours, while the volume recorded in the last 24-hours is $2,807,018,271 and the total market capitalization stands at $10,844,679,641. The monthly chart of the coin continuously making lower highs and lower lows indicating the bearish momentum in the coin and trading under the bearish pattern, however, trying for a breakout from the pattern in coming trading sessions.

The support level to keep in mind is $0.22877, which is it’s 90 days low and on the other side, the resistance at the higher levels is fib0.382($0.25139) and fib0.5 ($0.26048).

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source:tradingview

The Relative Strength Index (RSI) is continuously in the bearish momentum, but after testing the oversold region it shows the sign of recovery over the chart. Currently trading at the levels of 46.36 indicating the strength in the coin as the sharp bounce back is seen.

The Commodity Channel Index (CCI) is trading at the level of -33.37. On studying the chart it is trading in the oversold zone and gave a sharp recovery from there and is now aiming the higher levels. 

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source:tradingview

The Moving Average Convergence & Divergence (MACD) after giving the negative crossover over the blue line by the red line indicates bearish momentum, however, several attempts are made but the red line has more significance. While multiple crossovers are made but now a positive crossover is expected over the chart which can be in favour of bulls for XRP.

Support levels: $0.22877

Resistance level: $0.25139 & $0.26048    

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