The price of XRP has crashed substantially to a level it last touched nearly 70 weeks ago. Right now, XRP price has been trading close to its immediate support level of $0.36.
Bitcoin remains on shaky ground as the coin tried to rally past the $30,000 mark. At press time, the coin fell back to $29,700.
Most of the altcoins in the industry have continued to extend their losses today. The bearish pull remains strong in the market at the time of writing.
In the last 24 hours, the market has bottomed out and that is why it can still be considered a possibility of a price revival.
The technical outlook for the coin shows there could be a relief rally on the charts, however the macro market is still fragile.
It would also take the strength of the broader market for sellers not to outnumber buyers in the market, forcing prices down again.
Price Analysis: XRP One-Week Chart
XRP was priced at $0.42 on the one-week chart | Source: XRPUSD on TradingView
XRP was trading at $0.42 at the time of writing. The coin had shown signs of revival as the coin shot up 10% in the last 24 hours. It is still quite uncertain whether XRP will manage to trade above its closest support line of $0.36.
A break below that can see the coin drop to a low of $0.13. With buyers returning, XRP might try to trade above its immediate resistance at $0.56.
XRP also showed an equal high on the one-week chart, this pattern is related to the bullish price action in the market. Breaking down the immediate resistance can push XRP to $0.68, staying above which can help invalidate the bearish thesis on the market.
The volume of XRP traded had increased and the bar was red, representing a downtrend.
XRP showed a drop in buying strength on the four-hour chart | Source: XRPUSD on TradingView
XRP had attempted to make a price revival, but the continued selling pressure has tired the bulls. The same is reflected in the 20-SMA indicator.
XRP price was seen below the 20-SMA line. This reading meant that sellers were fueling price momentum in the market.
In the relative strength index, after facing an intense market-wide sell-off, buyers re-entered. XRP was no longer seen in the oversold zone on the RSI.
However, after the recovery, XRP fell prey to the bears again and the RSI showed a drop signifying further selling pressure.
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XRP shows increasing capital inflows on the four-hour chart | Source: XRPUSD on TradingView
With the price revival, the technicals of XRP have shown a positive price action start. However, it is too early to tell if this is the start of a turnaround in price action.
The moving average convergence divergence experienced a bullish crossover on the four-hour chart. The indicator showed increasing green histograms above the midline and that means bullish momentum for the coin.
XRP could also witness a northward push in prices as the Chaikin money flow was seen above the zero line. This indicator shows the number of capital inflows and outflows, and according to the chart above, capital inflows exceeded outflows at the time of writing.
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This post XRP showed a revival signal; Where is he headed now?
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