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- 1 XRP price faced resistance near the supply range of $0.9000.
- 2 XRP price retraced toward the 50-day EMA and looking for a rebound.
Recently, XRP has given a much-awaited range breakout above the neckline of $0.5900 and retested 2022 highs of $0.9000. However, due to strong resistance and sellers’ grip, buyers could not surpass the barrier and showed rejection, leading to retracement toward the 50-day EMA in the past sessions.
However, buyers still have strength and are looking for a rebound to retest the swing of $0.7000. The price action shows that the XRP price has shown a massive surge which trapped sellers and resulted in the panic unwinding of positions resulting in the price retracement.
The chart shows that XRP price has retested the highs and is trading above the neutrality but cannot surpass the 78.3% Fib zone and returned toward the 50% Fib zone. Moreover, the price has slipped toward the mid bollinger band showing profit booking in the last sessions.
XRP has an upper trajectory of $0.7000, which must be escaped to regain the bullishness for acquiring the highs. Conversely, the lower trajectory is near $0.5600, which, if it breaks, leads to fresh selling toward the 200-day EMA.
At press time, XRP price is trading at $0.6295 with an intraday drop of 2.15% showing profit booking in the intraday session. Moreover, the trading volume increased by 5.16% to $1.87 Billion, and the pair of XRP/BTC is at 0.0000213 BTC. The market cap of XRP is $33.18 Billion.
XRP Price Action On Daily Charts
The daily charts show XRP price is trading near the 50-day EMA, forming a bullish pennant pattern. However, the price is close to the lower trendline of the pattern and facing selling pressure in the past sessions.
However, XRP has maintained the gains near the 50% Fib level at the 50-day EMA suggesting a bounce in the near sessions. The chart structure is strong, and buyers are still battling and trying to revamp it.
What Technical Indicators Say
On the 4-hour charts, XRP price escaped the trendline of the falling wedge pattern, but falling the 100-day EMA barrier and retesting the neckline means getting ready to revisit the highs. However, the price action shows buyers are now trying to retain the highs of $0.8000, followed by $0.9000.
The RSI curve showed a sharp fall from the overbought zone toward the oversold region, forming a negative crossover on the charts signaling buyers had lost the momentum resulting in price retracement.
The MACD indicator showed a bullish crossover, but the green bars on the histogram decreasing their size means losing traction. However, buyers persist in accumulating and attempted to bounce toward the swing of $0.7000.
Conclusion:
XRP price is trading near the 50-day EMA at $0.6300, suggesting a bounce to revisit the trendline of $0.7000. However, the panic selling post breakout indicates that sellers were in trouble resulting in profit booking in the last sessions.
Technical Levels:
Support Levels: $0.6000 and $0.5500
Resistance Levels: $0.7000 and $07800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
