XRP price is higher after a three-day sell-off. The price uptrend has been steady since January 24, but a double top formation near $0.91 weighed on bullish sentiments. XRP breaches critical moving averages, signaling a bearish outlook.

XRP price manages to trade higher on Thursday. The price took support near the bullish declining line as a key point for a quick recovery. XRP remains low below the 200 day EMA and 50 day EMA.

As of writing, XRP/USD is trading at $0.78, up 2.93% for the day. The 24-hour trading volume of the eight largest cryptocurrency in the market is $2,452,273,767 according to CoinMarketCap.

XRP Price Stabilizes Before Next Action

XRP price tested the critical support near $0.75 after marking the swing highs of $0.91. This also coincides with the ‘double top’ pattern, which resulted in the current price retracement. In addition, the drop below the 200-day and 50-day EMAs (exponential moving average) of $0.83 and $0.79, respectively, makes bears hopeful.

Source: Trade View

The XRP buyers are testing the rising trendline multiple times, which extends from the lows of $0.54. Previously, the price witnessed a nearly 50% increase from the low of $0.61. Also this time the bulls with the same number in mind would be ready for another run-up.

However, a higher XRP price would encounter the initial upward hurdle of $0.81 followed by the horizontal resistance level of $0.85.

Continued buying pressure and acceptance above $0.90 could push the price above $1.0 in a very optimistic scenario.

On the other hand, a break of the said trendline would invalidate the bullish outlook for the asset. In this case, the sellers would keep their eyes on the USD 0.70 horizontal support level.

Technical indicators:

Stochastic Oscillator: The range bound indicator remains in the oversold zone and makes an attempt to move higher. Any rise in the indicator is a bullish sign.

MACD: The moving average convergence divergence is retreating below the central line.

Disclaimer

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

About the author

Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.



This post XRP Price Tests Ascending Trendline; Time to come in?

was published first on https://coingape.com/markets/ripple-price-prediction-xrp-price-tests-ascending-trend-line-time-to-enter/

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