The price of XRP has nosedived substantially to the level it last touched almost 70 weeks ago. At the present time, the XRP price is trading near the direct support level of $ 0.36.
Bitcoin continues to falter as the coin tries to recover by passing the $ 30,000 mark. At press time, the coin had fallen back to $ 29,700.
The majority of industrial altcoins continue to lose losses now. The bearish pull remains strong in the market at the time of writing.
Over the last 24 hours, the market has been down and hence the possibility of a price target can still be considered.
The technical outlook of the coin suggests that a relief rally may be on the chart, but the macro market is still fragile.
The strength of the broader market is also needed so that sellers do not outnumber buyers in a market that is forcing the price down again.
Price analysis: XRP One Week Chart
XRP is trading at $ 0.42 at the time of writing. The coin is showing signs of a revival as the coin has risen 10% in the last 24 hours. It is still uncertain if XRP will manage to trade above the support line nearest $ 0.36.
A break below that could cause the coin to drop at $ 0.13. With buyers returning, XRP may try to trade above the $ 0.56 direct resistance.
XRP also flashed an equal high on the one week chart, this pattern is connected to a bullish price in the market. Toppling over direct resistance could push XRP to $ 0.68, staying above which could help invalidate the bearish thesis in the market.
XRP trading volume has increased and red bars reflect bearishness.
XRP has tried to make a price revival but continued selling pressure has tired the bulls out. They are reflected in the 20-SMA indicator.
The XRP price appears below the 20-SMA line. The reading shows sellers driving price momentum in the market.
In the Relative Strength Index, after facing a strong sell-off in the market, buyers re-entered. XRP no longer looks to be in the oversold zone on the RSI.
After recovering, XRP is again a season of bears and RSI is launching a downtick which means increased selling pressure.
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With the price rise, the XRP technique has shown positive price action. But it is too early to say that it is the beginning of a shift in price action.
Moving Average Convergence Divergence experienced a bullish crossover on the four -hour chart. The indicator is flashing a green histogram that grows above the half line and means bullish momentum for the coin.
XRP may also witness a push to the north as Chaikin Money Flow appears above the zero line. This indicator shows the number of capital outflows and inflows and according to the chart above, capital inflows exceed outflows at the time of writing.
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