- XRP token price, in the, is resonating inside a symmetrical triangle
- Currently, the coin has taken support from the 50 EMA, which is above the 200 EMA, indicating the bulls are still in play.
- The XRP/BTC pair is trading at 0.00002625 with an intraday gain of 1.53%
XRP token price resonates inside a triangle, after facing rejection from the 52-weeks high level. The token price is holding above the 50 and 200 EMA in the daily timeframe. The volume over the daily chart is declining. After the downtrend, a new support level was observed at $1.17 and the price consolidated a little before taking support from 50 EMA. The live XRP price today is $1.31 with a 24-hour trading volume of $12,721,457,869. The coin price is down 8.35% in the last 24 hours. Currently, the coin ranks at #7, with a live market cap of $45,971,738,741.
Short term downtrend may prevent bulls from reaching the moon
According to the situation in the 4-hour timeframe, the XRP coin price had declined since hitting the $1.70 mark, however, the 200 EMA might be able to save the bulls. Support near the $1.17 mark might be able to reverse the downtrend. The recent push of selling volume has resulted in a downtrend, which is weakening with time. According to the pivot points and the price action, the coin price might find some support near the $1.17 and $1.05, till then the S1 level of pivot point at $1.30 tries to halt the downtrend and to push the price back up. On the opposite side, the coin may find some resistance near $1.50 and $1.70.
As per the 4-hour timeframe, the coin price is trading closely with the 200 (white) EMA, which indicates the loss of bull, and the high selling volume is something investors might want to check before buying.
The RSI (slightly bullish) indicates bullish momentum while trading at 43. The RSI line is spiked and is now rising higher towards the overbought zone, bullishness can be expected from RSI until it reaches near 55.
The ADX reflects a fast-growing trend momentum after the recent fallout, and it is trading at 38 while the slope in ADX is moving higher.
Conclusion – XRP token price is forming a great cup pattern in the weekly timeframe. However, the bearishness in the shorter time frame might lead to a downfall. Investors may find this as a great opportunity to re-enter the trend if an increase in buying volume is observed. The morning star pattern, in the weekly timeframe, seems to oppose the bulls.
Support- $1.17 and $1.05
Resistance-$1.50 and $1.70
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