Home Analysis XRP Bulls Unable to Hold Levels Above $0.260 Signaling for Potential Consolidation

XRP Bulls Unable to Hold Levels Above $0.260 Signaling for Potential Consolidation

  • XRP price levels were able to break above the crucial mark of $0.260 on Tuesday’s market session as the community had buy-back of its tokens in the market with the simple aim of raising the price levels
  • However, the bulls were unable to sustain the bullish levels, and profit booking momentum was observed after the bullish rally 
  • The XRP/BTC pair is still performing positive with an overall gain of 1.49%, bringing the current level to 0.00001660 BTC
xrp
source: coinmarketcap

Ripple‘s weekly price performance highlights the negative reversals faced by the price levels from the resistance point of $0.260. However, with the lively fundamental kicking in for the crypto asset yesterday, the price levels got a positive bump and beat the resistance point. The bulls dragged the price levels to around $0.265 and faced profit booking momentum from the investors. The retracement magnitude was so significant that the price levels again had a negative breakout below $0.260, losing up all the gained momentum at the end. The CMP is now placed at $0.255 with an overall gain of 1.34%, resulting in the market capitalization to incline by 0.50%, and the 24-hour volume traded to increase by 2.80%. 

Technical Levels Bringing Hope For Another Retest of $0.260

xrp tech
source: tradingview

The technical chart of Ripple reflects on the significant downfall faced by the price levels in September and a potential consolidation phase after that. The retracement table suggests that XRP is facing significant resistance, which is placed around the 0.5FIB level. On the downside, the price levels have got support, which is placed at 0.236FIB level. The price levels have moved between the mentioned retracement levels; therefore, we can say that the crypto asset can end up in an intense consolidation situation for the month.

The relative strength index (RSI) reached the overbought region but quickly retraced and lost its bullish sentiment. Currently, the levels are at 52.40 and looking to avoid any sharp negative divergence.     

The moving average convergence & divergence (MACD) expects a bullish crossover, which can provide more positive momentum to the price levels. 

The directional movement index (DMI) has also started to improve the levels as ADX (17.93) had a positive crossover against -DI (12.62) 

Will XRP Retest $0.260 Anytime Soon? 

The technical levels and the overall market conditions are still prevailing positive sentiment for Ripple by trading positive on Wednesday’s market session. If the levels can sustain above $ 0.250 for a longer duration, we can expect a retest of $0.260. 

Resistance level: $0.265 & $0.260 

Support level: $0.250 & $0.245 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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