XRP Has Dropped To $0.34, What To Expect In The 24 Hours?
2022年6月29日 - 01:00PM
NEWSBTC
XRP and other market movers have continued to face the wrath of the
bears. The altcoin has fallen considerably over the last 24 hours.
It had secured gains over the past week but since the bulls are
back, the coin lost what it had gained. Profit booking has taken
over as the market movers witnessed a brief relief rally. Although
price of the altcoin surged by 16% over a week, the daily losses
have invalidated most of it. In the last 24 hours the coin fell by
3%, bringing its price down to $0.34. The bulls have tired out and
surrendered to the bears. Selling pressure has increased as XRP
turned bearish. The next crucial resistance for the coin hovers at
around the $0.30 mark. Technical outlook for XRP flashed mixed
signals with a positive divergence on the daily chart. XRP Price
Analysis: One Day Chart The altcoin was trading for $0.34 on the
one day chart. Immediate resistance for the coin was at $0.48
Before XRP revisits the aforementioned price level of $0.48, the
coin has to trade above the $0.40 mark for sometime. Going by the
near term technical outlook, the altcoin could lose on its chart
again. The support region for the coin would be near $0.30 to $0.28
in a case of a further fall. The amount of XRP traded in the
previous session has shot up signifying that sellers were active in
the market, the bar was in red highlighting bearish strength.
Technical Analysis Indicators were bearish on the 24 hour chart. In
accordance with profit booking, sellers had increased in number at
the time of writing. The Relative Strength Index slipped below the
half-line signifying bearishness as sellers took over the market.
On the 20-SMA line, price of XRP was parked below the 20-SMA line,
this signalled that selling pressure mounted because sellers drove
the price momentum in the market. The above chart however displayed
a chance of price undergoing a correction. On the RSI, a positive
divergence was formed. A positive divergence indicates that buying
strength would return and help the price of the asset to move north
on its chart. Sellers have re-entered the market, despite this
observation, XRP has continued to flash buy signal in the market.
This could mean that followed by the present sell-off, XRP might
attempt to secure gains. The Awesome Oscillator depicts price
momentum and also accounts for reversals, the indicator displayed
green signal bars. These green signal bars were buy signals for the
coin. Parabolic SAR also reads the price trend and changes in the
same. Dotted lines were spotted below the candlestick which meant
that XRP might turn positive over the next trading sessions.
Featured image from UnSplash, chart from TradingView.com
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