- XRP token price breaks the 200 EMA in the daily technical chart as the bearishness increases
- The Coin trades under the influence of a correction trendline opposing any bullish growth.
- The XRP/BTC pair trades at 0.00002119 BTC with a small intraday move of -0.09%.
XRP token price recently gave a bearish breakout of the symmetrical triangle, resulting in the ongoing 15% downside move. The bearishness on the rise due to fallout led to the failure of 200 EMA to provide support in the daily technical chart.
The increase in trading volume and the breaching of 200 EMA has been developing bearish sentiments in the daily technical chart of XRP/USD. Analysts are unable to observe any signs of price reversal.
The price has breached the $0.78, a solid support level, and upon retest, the downtrend may continue to grow. Investors might see the price soon hitting the level of $0.44.
The XRP coin price is valued at $0.7299, with an intraday fall in the market cap of 3.60% within 24 hours. The increased selling pressure is on the rise as the intraday trading volume increases by 26.08%.
Nevertheless, XRP dominates 2.35% of the crypto market, making it the 7th largest cryptocurrency in the world.
Downtrend Brings Discounted Rates
As per the daily timeframe, the XRP coin price has beaten the bears more than four times in the past six years, projecting the huge potential of the Coin to rise again. The crypto asset has reached the heights of $2.00 within three months after consolidation for weeks near $0.20.
XRP Token price is trading within the influence of a correction line that opposes bullish growth with immense selling pressure. The correction trendline has made a descending triangle with the 200 EMA given a fallout as the price breached the 200 EMA.
Investors might see the XRP coin price finding support from the $0.65 and $0.44 mark as the downtrend grows. However, in the unlikely case of reversal, the levels of $0.78 and $0.92 may resist the bull run.
The coin price is soon to retest the 200 EMA that might increase the selling pressure. The 50 EMA is on a downward slope projecting the high possibility of a death cross.
The RSI (bearish) indicates increasing bearish trend momentum as the RSI line is dipped and ready to head lower under the oversold arena.
The ADX projects increasing trend momentum as the price has breached the triangle made by 200 EMA and the trendline.
In short, as per the technical parameters, the downtrend is strong and backed with high momentum.
Conclusion – XRP token price is facing an increase in underlying bearishness. The coin price expects a 20% shortly. However, the locked-up potential of the XRP coin provides an excellent opportunity for smart investors to buy the token at discounted rates.
Support – $0.65 and $0.44
Resistance -$0.78 and $0.92