Read full article at Coingape.

The overall trend for the XRP price is still sideways. The recent correction in price has plunged the coin to a crucial support level of $0.7. However, the technical chart shows the formation of a symmetrical triangle pattern, whose breakout could initiate a new trend in XRP price.

Key technical points: 

  • The RSI displays bullish divergence in the daily time frame chart
  • The intraday trading volume in the XRP coin is $1.74 Billion, indicating a 3.69% hike.

Source- Tradingview

The last time we covered an article on XRP price analysis, the short-term downtrend plunged the price to the $0.7 support. The technical chart showed several lower price rejection candles, indicating the intense buying pressure.

Moreover, the XRP price is also at the support trendline of a symmetrical triangle pattern. Following this pattern, the price could bounce back from this support and rally towards the overhead resistance(approx. $1.1).

Moving in a sideways trend, the longer EMA lines 100 and 200 EMA have started to fatten. However, as for now, the price is trading below these EMAs, indicating a bearish trend.

The daily Relative Strength Index (43) is steadily approaching the neutral line. Moreover, the chart also shows bullish divergence, providing more confirmation for a bullish reversal.

XRP Price Could Retest The $0.7 Support

Source- Tradingview

On January 10th, the Ripple coin price bounced back from the $0.7 support with a morning star candle pattern. The price started to rally and breached the nearest resistance of $0.78. However, the price couldn’t sustain above this level and dropped below the breaking point.

If the price sustains below the $0.78 resistance, the coin might retest the bottom level for another support before it could initiate a proper rally.

The average directional movement index(20) slope moving lower displays the losing momentum in selling pressure. The traditional pivot level indicating the overhead resistance for XRP is $0.776, followed by 0.838. On the flip side, the support levels are $0.688 and $0.62.

The post XRP Price Analysis: XRP Price Could Reach $1.1 Mark As Price Chart Forms Symmetrical Triangle Pattern appeared first on CoinGape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

ClassicAutomobile.org - Classic Automobile News.