XRP Price Analysis: XRP Coin price Recovery Reaches At Critical Barrier of 50-DMA and Trend Line

• XRP coin price recovery now facing resistance of previous rising trend line and 50-DMA at the same time
• XRP bulls pulls the coin above 100 and 200-DMA, while still trading below 20 and 50-DMA
• The pair of XRP/BTC is trailing at 0.00002975 BTC with a drop of -8.05%, while XRP/ETH standing at 0.0004229 ETH fall -11.00%

XRP coin price, after breakdown from the triangular pattern, is now recovering strongly. However, XRP bulls are presently facing a resistance of the previous rising trend line and 50-DMA together. Whereas, XRP rebounded successfully after witnessing yearterday`s selloff and reaching at vital levels. However, if the coin manages to sustain above 50-DMA and retains the trend line, then XRP will soon reche near its previous 52-week highs. Whereas, if fails to hold or break 50-DMA then we can see some more selloff from current levels. Support on lower side is placed  at $1.00 and $0.87; while, resistance is $1.27 and $1.42. The overall chart structure still favors bulls, if the digital asset manages to sustain above 100-DMA.  

XRP coin price, over the weekly chart, is trying to recover and the pullback is gradually pushing the price above the $1.00 mark. Since the coin is in stage to pullback and the current market condition is extremely volatile. So, one can trade or invest after the market cools off or get stable. Presently, XRP CMP at $1.22 jumped nearly +10% and volume also increased over +1% standing at $17,367,788,347. 

Relative Strength Index (NEUTRAL) rebounds sharply after testing oversold territory. Seems, bulls or buyers indicate good buying interest at oversold zone.  

Moving Average Convergence Divergence (NEUTRAL) currently indicates a neutral trend on the daily chart. It is trading with the significance of the seller’s line (red) over the buyer’s signal line (green). While both the lines are also heading closer to each other and positive crossover is awaited. 

Support levels: $1.27 and $1.42.

Resistance levels: $1.00 and $0.87 

Pratik Chadhokar

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.