XRP Price Analysis: Has XRP Lost its Bullish Momentum?

  • XRP price after the most breakout from the cup with handle pattern is now formed a bearish engulfing candle 
  • XRP showcased a bearish momentum as slipped sharply after creating its new 52-week high of $1.12 
  • The XRP/BTC is trading is standing at 0.00001573 BTC with intraday loss of -9.25% 

XRP price after testing the mark of $1.12 and has formed a bearish engulfing candle. Currently XRP trading above all the major moving averages of 20,50,100 and 200-DMA. The coin is in bearish momentum as it slipped from the new 52-week high of $1.12,However, the overall momentum is still positive. The new support on the lower side is created at $0.77 and $0.64. However, the only resistance zone on the higher side is situated at $1.12.   

XRP price is trading on a Bearish note over the daily chart. In a 4-hour time frame, it is trading by making lower highs and lower lows. Currently, the coin is trading at the price level of $0.9 with an intraday loss of -11.85%. Similarly, the volume recorded in the last 24-hours dropped over -18.28%, standing at $28,268,148,279 and the total market capitalization standing at $41,514,495,937 with an intraday fall of -10.62%. For intraday, support on the lower side is placed at $0.82 and $0.78. Meanwhile, the higher side’s resistance is situated at $1.12. 

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Relative Strength Index (BEARISH) indicates bearish momentum while trading at 57.62. However, it is heading towards the oversold zone after testing the overbought zone. 

Moving Average Convergence Divergence (BEARISH) currently indicates a bearish trend on the daily chart, as it is trading with the significance of the buyer’s signal line (green) over the seller’s line (red). But the major thing to see is that the coin is at the point of negative crossover and crossover can generate bearish momentum for the short term.  

Support levels: $0.77 and $0.64

Resistance levels: $1.12

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. 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 has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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