- XRP diminished from a high of $1.64 to a low of $0.87 all within Wednesday’s intraday session
- The XRP/BTC paid is trailing at 0.00003089 BTC with a loss of 15.17% at press time
- The bears have an advantage as the XRP price slipped below the 20 DMA
The entire cryptocurrency Market kicked off Wednesday’s intraday session by digging deeper into significant lows. XRP which is ranked #7 as per coinmarketcap, plunged down below $1 and grabbed support at $0.87
After maintaining a sluggish momentum inside the massive symmetrical triangle on the 4-hour chart, the price action finally broke down towards the downside. The breakdown was accompanied by a series of enormous red candlesticks which are successfully demonstrating how bearish the current market scenario is.
As of now, the price action is sandwiched inside the 20 DMA (yellow) and the 100 DMA(blue). The failure of the asset to hold the 100 DMA could potentially expose $0.65 as one of the pivotal support levels.
The hourly RSI has shrunk and is gradually making its way into the oversold territory. An RSI of 31 suggests an excellent opportunity for those who are keen on buying the dip.
XRP looks bullish from a macro perspective.
Undoubtedly, the BTC dominance has caused XRP to lose nearly half of its value in a short span of 24 hours. However, on looking at the big picture, this could be a massive pullback before XRP hits the roadmap towards its 2017 gains.
Back when the XRP embarked on its journey to approach the $3 milestone, the momentum was parabolic which also depicted how unhealthy the price action was in 2017.
On the contrary, this current bull run displays a steady momentum as the price action is wrapped inside the Elliot wave pattern on the weekly chart. Along with the widespread structure, the price action is also projecting a bullish pennant which is now making its way to the apex.
CONCLUSION: BTC dominance has created havoc for all the altcoins including XRP. Until last week, XRP was extremely close to achieving the $2 target. The altcoin is now struggling to hold the 100 DMA as support.
Nevertheless, the weekly chart is displaying a relatively strong price action for XRP.
This is not financial advice. Investors should conduct due diligence before investing on account of cryptocurrency markets being subjected to extreme volatility and market risks.
SUPPORT : $0.87, $0.65
RESISTANCE : $1.41 , $1.68
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.