Xrp Price Analysis: Xrp Looks Stable Around The New Support Zone Of $1.10 To $1.20

  • XRP Price after a strong bullish momentum tested a high of $1.96; however, a sharp profit taking or sell-off is observed and created a bull trap
  • Currently, the coin is trading above all major moving averages of 20,50,100 and 200-Day and built a strong base around $1.10-$1.20
  • The pair of XRP/BTC is also trading under pressure, standing at 0.00002389 BTC with an intraday loss of -5.35%
Source:tradingview

XRP price after a most awaited rally is now trading under pressure after testing its new 52-week high of $1.96. The selling pressure is observed on the higher side.

However, the coin slipped sharply from higher levels and now trading above all major moving averages of 20,50,100 and 200-Day, since the volume over the monthly chart is gradually decreasing.

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Support at the lower side is placed at $1.10 and $0.90; likewise, resistance on the higher side is $1.50 and $1.80. Since a base seems to be formed in XRP, positive price action can be seen in the upcoming trading session at $1.35 and $1.60. 

Source:tradingview

XRP price over the weekly time frame has formed the symmetrical triangle pattern near the support zone. Meanwhile, a breakout from the symmetrical triangle pattern will create strong momentum in both directions. 

Similarly, support on the lower side is situated at $1.20 and $1.10, while resistance on the higher side is $1.40 and $1.60. Currently, the coin is trading at the price level of $1.30 with an intraday loss of -8.35%, and volume over the last 24-hour dropped nearly -16.63%, standing at $12,471,463,233. Meanwhile, the XRP stands at 4th position with total market capitalization stands at $58,906,878,198 with an intraday loss of -8.87%.  

Relative Strength Index (NEUTRAL) indicates bullish momentum while trading at 46.62. However, it is present heading towards the overbought zone after recovering from lower levels. 

Moving Average Convergence Divergence (NEUTRAL) currently indicates a flat trend on the daily chart, as both the lines of the seller’s line (red) and the buyer’s signal line (green) are overlapping each other. However, both the lines are not showing any sign of clear momentum at current levels. 

Support levels: $1.10 and $0.90

Resistance levels: $1.50 and $1.80

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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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