Published 13 minutes ago by
Brian Bollinger The local support of $0.398 is being reaffirmed as the XRP price struggles with high volatility. The altcoin trades at $0.39 as of press time. There is an intraday loss in the range of $0.13%. A formation of Doji candles near support suggests a greater chance of a bullish correction. This potential reversal may resume the ongoing consolidation for a few more trading sessions.advertisementKey Points: A bullish breakout from $0.432 will release the XRP price from the current consolidation phase.
Bullish momentum could be accelerated by a potential crossover between the 50- and 100-day EMAs.
The XRP’s intraday trading volume is $1.4 billion, which indicates a 39% increase.
Source: TradingviewThe XRP price broke through the multi-month resistance zone of $0.396-$0.393 on January 20th. This bullish breakout gives coin holders the chance to regain higher levels and extend the recovery rally further. The coin price has been oscillating between $0.432-$0.396 for the past two weeks, forming a brief consolidation phase. Trending StoriesHowever this sideways trend could prove to be beneficial to Ripple coin because it will validate the price sustainability of higher levels and recover the exhausted bullish momentum. The coin price will likely break out of this consolidation state in the same direction that the previous trend. This breakout could drive the XRP price 17% higher to $0.506. This breakout could drive the XRP price 17% higher to hit $0.506.On a contrary note, a breakdown below $0.393 will invalidate the bullish thesis.Technical IndicatorEMAs: the 50-and-100-day moving near the $0.393 mark increases the support strength of this level, and adds more odds of an upside breakout.advertisementRelative Strength Index: the daily RSI slope wavering at the midline indicates the market sentiment is neutral.XRP Intraday Price LevelsSpot price: $0.39
Trend: Bearish
Volatility is high
Resistance level: $0.435 and $0.45
Support level – $0.393 and 0.3772
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. Close Story